High Growth Tech Stocks to Watch in October 2024

The United States market has experienced a notable upswing, rising 1.2% over the last week and 35% over the past year, with earnings projected to grow by 15% annually. In this environment, identifying high growth tech stocks involves looking for companies that not only capitalize on technological innovation but also demonstrate strong potential for sustained revenue expansion in line with these optimistic market conditions.

Top 10 High Growth Tech Companies In The United States

Name	Revenue Growth	Earnings Growth	Growth Rating
Super Micro Computer	20.86%	27.98%	★★★★★★
Sarepta Therapeutics	23.67%	43.83%	★★★★★★
TG Therapeutics	28.39%	43.54%	★★★★★★
Invivyd	42.91%	70.39%	★★★★★★
Ardelyx	27.19%	66.44%	★★★★★★
Amicus Therapeutics	20.33%	62.45%	★★★★★★
Travere Therapeutics	27.74%	70.00%	★★★★★★
MediaAlpha	22.72%	61.31%	★★★★★★
Seagen	22.57%	71.80%	★★★★★★
ImmunoGen	26.00%	45.85%	★★★★★★

Click here to see the full list of 253 stocks from our US High Growth Tech and AI Stocks screener.

Here's a peek at a few of the choices from the screener.

Catalyst Pharmaceuticals (NasdaqCM:CPRX)

Simply Wall St Growth Rating: ★★★★★☆

Overview: Catalyst Pharmaceuticals, Inc. is a commercial-stage biopharmaceutical company that develops and commercializes therapies for rare neuromuscular and neurological diseases in the United States, with a market cap of $2.57 billion.

Operations: Catalyst Pharmaceuticals focuses on the development and commercialization of drug products for rare neuromuscular and neurological diseases, generating $434.48 million in revenue.

Catalyst Pharmaceuticals is actively pursuing growth through strategic acquisitions and partnerships, signaling a proactive approach to expanding its market presence. Recently, the company revised its full-year revenue forecast upwards to between $455 million and $475 million, reflecting a robust financial outlook. This upward revision follows a strong performance in the second quarter of 2024, where revenues surged by 23% year-over-year to $122.71 million. Catalyst's commitment to innovation is further underscored by its R&D efforts; however, specific figures on recent R&D expenses are not provided here. These strategic moves, combined with an expected annual profit growth of 20.9%, position Catalyst well within the competitive landscape of high-growth tech sectors in healthcare and biotechnology.

• Navigate through the intricacies of Catalyst Pharmaceuticals with our comprehensive health report here.

• Learn about Catalyst Pharmaceuticals' historical performance.

Amgen (NasdaqGS:AMGN)

Simply Wall St Growth Rating: ★★★★☆☆

Overview: Amgen Inc. is a global biotechnology company focused on discovering, developing, manufacturing, and delivering human therapeutics, with a market capitalization of approximately $172.82 billion.

Operations: The company generates revenue primarily from its Human Therapeutics segment, which contributed $30.93 billion. The focus on human therapeutics underscores its core business model in the biotechnology sector.

Amgen, while not leading in high-growth tech, shows promise with a 23.2% projected annual earnings growth over the next three years, outpacing the US market forecast of 15.2%. This growth is supported by robust R&D investments which have consistently aligned with revenue increases—last year's R&D expenses were $5 billion, about 16.7% of its $30 billion revenue. Recent trials like the Phase 3 MINT for UPLIZNA underscore Amgen's commitment to innovation in biotechnology, potentially boosting future revenues and strengthening its market position despite a current annual revenue growth forecast of only 3%.

• Click here to discover the nuances of Amgen with our detailed analytical health report.

• Explore historical data to track Amgen's performance over time in our Past section.

Wix.com (NasdaqGS:WIX)

Simply Wall St Growth Rating: ★★★★★☆

Overview: Wix.com Ltd. operates as a cloud-based web development platform catering to registered users and creators globally, with a market capitalization of approximately $9.61 billion.

Operations: The company generates revenue primarily from its Internet Software & Services segment, amounting to $1.65 billion. As a cloud-based platform, it supports users and creators in web development worldwide.

Wix.com, a player in the tech arena, is steering through an impressive growth trajectory with a forecasted annual revenue increase of 11.4%, outpacing the US market average of 8.8%. This growth is underpinned by strategic partnerships, such as the recent alliance with Moneris Solutions, enhancing its e-commerce capabilities through omnichannel solutions. Notably, Wix's commitment to innovation is evident in its R&D spending which aligns closely with revenue gains; last year alone, R&D expenses accounted for a significant portion of their revenue at 32.0%. Additionally, the company's proactive approach at conferences and product enhancements—like the launch of AI-powered tools for content generation—showcases its dedication to maintaining a competitive edge in rapidly evolving tech landscapes.

• Click to explore a detailed breakdown of our findings in Wix.com's health report.

• Review our historical performance report to gain insights into Wix.com's's past performance.

Taking Advantage

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Interested In Other Possibilities?

• Explore high-performing small cap companies that haven't yet garnered significant analyst attention.
• Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.
• Find companies with promising cash flow potential yet trading below their fair value.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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