There are few things that get growth investors excited like the opportunity to invest in 10x stocks. By definition, these 10x stocks (also referred to as 10 baggers) can add huge gains to your portfolio. Plus, it just feels good to see a stock you believed in pay off. In this article, I’ll give you seven 10x stocks to consider buying.

Why don’t I just say that you should buy these stocks? You certainly could. The economic data, however, suggests it’s still time to be defensive. With rising interest rates and sticky inflation, this is a time for investors to keep the ball in the fairway. Investing in 10x stocks may eventually pay off, but you’ll frequently have to battle through some obstacles.

Plus, if finding 10x stocks was easy, investing would be a piece of cake. I’ve used a combination of analyst ratings and emerging trends to identify the seven companies that offer the potential for outsized gains in the next 12-18 months. But if the economic outlook worsens, it’s stocks like these that may be affected the most. Nevertheless, it’s always a good time to keep your watchlist updated and ready to go. So here are seven 10x stocks that look like strong watchlist candidates.

Soligenix (SNGX)

Soligenix (NASDAQ:SNGX) is a late-stage biopharmaceutical company that just achieved a milestone that could bring it closer to having a product ready for market. On Dec. 15, the company announced “it submitted a new drug application (NDA) to the U.S. Food and Drug Administration (FDA).” The application is for HyBryte the company’s candidate for treatment of early stage cutaneous T-cell lymphoma (CTCL), a rare cancer for which there is an unmet need.

I’m not suggesting that Soligenix is about to become the next meme stock. But the company estimates that CTCL affects over 25,000 patients in the U.S. alone. And, it estimates the potential worldwide market for HyBryte to exceed $250 million. Plus, HyBryte is only one of several treatments that the company has in late-stage trials. SGNX stock currently trades for just 61 cents a share. However, analysts believe the stock could climb to $3.95 a share, for gains of 527.5%.

Rent the Runway (RENT)

Your opinion on whether to include Rent the Runway (NASDAQ:RENT) on your watchlist of 10x stocks will depend on how you feel about the viability of the “sharing economy.” This involves keeping clothes out of landfills by having others rent, or buy, clothes that you no longer want. The company’s business model also supports the notion that consumers’ tastes, budget, and sizes change over time. It may also be a timely answer for consumers who are just now returning to seasonal events that have been unavailable to them for the last two years.

With packages starting at $69, this is not the same subscription as a consumer will get from Stitch Fix (NASDAQ:SFIX). But in fairness, this is a different customer. That idea was affirmed by Rent the Runway CEO, Jennifer Hyman. In an interview with CNBC, Hyman noted that inflation is generating high demand for the company’s service as consumers seek value. Trading at just over $3 a share, it may take some time for RENT stock to become a 10x stock. But analysts give it a price target that gives it a 139% upside in the short term.

Knightscope (KSCP)

When you’re looking for 10x stocks, you have to try and predict the future. With that in mind, I offer up Knighscope (NASDAQ:KSCP). Granted, buying Knightscope is akin to throwing a dart at the dartboard, but it might just be worth the risk. Knightscope brings together artificial intelligence, autonomous technology, security, and robots. This is advanced stuff, but it doesn’t seem so far-fetched anymore. The thesis is that we are quickly running out of people who can do the work of law enforcement and security guards.

With Knightscope’s Autonomous Security Robots (ASR), Knightscope employs a machine-as-a-service (MaaS) model that provides 24/7 protection for under $9 an hour. The company says its ASR’s have already logged over one million hours of service.

The company raised over $120 million and had more than 35,000 investors before going public in Jan. In addition, it recently acquired CASE Emergency Systems and is now forecasting a revenue run rate of between $12 million and $14 million. By comparison the company generated $3.4 million in 2021.

CRISPR Therapeutics (CRSP)

The field of gene editing may change the scope of how we think about chronic diseases. And CRIPR Therapeutics (NASDAQ:CRSP) is on the forefront of this movement. The company has a proprietary gene-editing CRISPR/Cas9 technology with a goal of precisely cutting DNA and then letting natural DNA repair processes take over.

It’s an exciting opportunity. But it’s still an emerging field that carries sizable risk. That risk is reflected in the company’s stock price. Since rocketing to over $165 a share in 2021, the stock is trading back below $50But this is an article about identifying 10x stocks. In a risk-off environment, investors are avoiding companies that are not yet profitable. And in the case of CRSPR have very little revenue coming in the door. That being said, CRSP stock is a favorite of Cathie Wood. And Wood remains confident in the long-term potential for the stocks in her ETFs.

Harpoon Therapeutics (HARP)

The biotech sector is a ripe field when you’re looking for 10x stocks. Look at Harpoon Therapeutics (NASDAQ:HARP), a clinical-stage immune-oncology company, for example. Harpoon is attempting to develop wholly-owned immunotherapies that harness the power of T-cells in patients with hard-to-treat tumors.

Harpoon has three candidates in Phase 1 trials. The one that is drawing the most attention from investors is its HPN217 drug which is being created to treat relapsed/refractory multiple myeloma. The company recently  presented updated interim data from its Phase 1 clinical trial. While HPN217 remains years away from being commercially available, the stock is likely to get a lift with any positive news from clinical trials.

As evidence of that, HARP stock went soaring after the announcement of the positive trial data. But it’s given up all those gains and is currently trading for just 73 cents a share. However, analysts give it a price target of $8.75 which makes it a true 10x stock candidate for risk-tolerant investors.

Microvast (MVST)

Microvast (NASDAQ:MVST) was a stock I had on my list of penny stocks to watch in 2023. And the same reasons I had for that are the reasons it makes my list of potential 10x stocks.

Microvast is one of many companies attempting to build the ideal lithium-ion batteries that will be needed for electric vehicles (EVs). The company provides customized battery solutions and other key components. Recently, the company announced that it would receive part of the $2.8 billion award the Biden administration is issuing in an attempt to bring the EV supply chain to the United States.  For its part, Microvast says it will use the money to build a separator facility.

Analysts give MVST stock a $6.67 price target which is a 276% upside from its current level. However, investors may have to wait. The company’s primary exporting facility is in Shanghai which leaves the company subjected to the Covid lockdowns that are befalling the company. However, the company has contracts worth $2.5 billion between now and 2030.

Solo Brands (DTC)

The last on my list of 10x stocks is another company that I identified as a penny stock to watch. I’ll continue to make a case for Solo Brands (NYSE:DTC) here. The company’s direct-to-consumer (D2C) platform houses many popular branded products such as Solo Stove, Oru, Chubbies, and ISLE, that appeal to outdoor enthusiasts.

At that time, I was excited about the opportunity the company had in the outdoor gear and equipment market. That could be a $75.3 million market in 2027. Another great reason to look at DTC stock is the company’s pricing power. The company has demonstrated the ability to grow rapidly and make a profit. And, they’ve turned that free cash flow into increasing margins.

This was particularly interesting as it fits into my assertion that outdoor activities are generally considered activities that consumers will spend on even when they’re watching their spending in other categories.

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Read More: Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, Chris Markoch did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.