Align Technologies Inc. shares rallied Thursday, making one of the worst stocks of 2022 one of the best in 2023 so far.
Align ALGN surged as much as 30% to an intraday high of $368.87, making it the best performing stock on both the S&P 500 index SPX and the Nasdaq-100 NDX Thursday, with Meta Platforms Inc. META running a close second. Thursday’s gains put Align on track for the stock’s largest percent increase since Oct. 22, 2020, when it rose 35%, according to Dow Jones data.Align ALGN surged as much as 30% to an intraday high of $368.
Rival SmileDirectClub Inc. SDC shares also got swept up in the rally, with the stock price surging as much as 17% Thursday. SmileDirect plans to release earnings on Feb. 28. Morgan Stanley analyst Erin Wright, who has an overweight rating and a $314 price target, said “the jury is still out” on whether the company has hit an inflection point, but noted that “shares should grind higher” on the company’s first sequential volume increase in five quarters.
Stifel analyst Jonathan Block, who has a buy rating and a $375 price target, said the resumption of growth was the “standout” of the fourth quarter for Align as execs pointed to a 1% increase quarter to quarter in volume, and a 7% increase in adult braces.
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