Here’s one of Peel Hunt‘s top discounted stock picks for 2026.

A 300% growth opportunity?!

It’s pretty rare to see institutional investors issue extremely aggressive share price forecasts. So, when the analyst team at Peel Hunt issued a 508p share price target for PureTech Health (LSE:PRTC) shares, it immediately caught my attention.

Compared to where the stock trades today, this price projection represents a staggering 293.1% growth opportunity for investors.

It goes without saying that this immediately sounds too good to be true. But when digging deeper into Peel Hunt’s investment thesis, there definitely seems to be something interesting here.

A diversified biotech basket

Let’s start with a quick introduction.

PureTech Health is a rather unique ‘hub-and-spoke’ biotech enterprise. It helps kickstart and fund the development of new drug candidates, building up a portfolio of intellectual property. Then, when critical clinical milestones are reached, these projects are spun off into their own separate companies, for which PureTech retains an equity stake with royalty rights.

Over the years, this has culminated in 28 different drug programmes emerging from PureTech’s portfolio, including Karuna Therapeutics, which was acquired by Bristol Myers Squibb in 2024, transforming an initial $18.5m investment into $1.1bn.

The share price paradox

At today’s valuation, PureTech’s market cap sits at £312m. Yet when looking at the balance sheet, the group has close to $333m (£244m) just in cash & equivalents. In other words, the market is only assigning £68m of value to PureTech’s portfolio of companies and projects.

This is where Peel Hunt believes a price paradox has been created.

One of the group’s flagship projects, Deupirfenidone, is aiming to treat idiopathic pulmonary fibrosis — a fatal lung disease that affects over 230,000 people across Western Europe and the US. The addressable market size for a treatment in this space is expected to grow to over $10bn in 2033 alone. And phase three trials are scheduled to kick off later this year.

Deupirfenidone is not the only promising project getting closer to commercialisation. And with PureTech already receiving royalties from previously successful projects, it’s not so hard to understand why the team at Peel Hunt is excited.

What could go wrong?

As bullish as Peel Hunt might be, it’s important to highlight that PureTech Health shares might be dirt-cheap for a good reason.

Clinical trials are both notoriously difficult and expensive to run. And while Deupirfenidone has so far beaten the odds, making it to phase three, there remains significant capital investment needed in the hundreds of millions of dollars.

As previously mentioned, PureTech does have $333m on its balance sheet. But the group also has plenty of other projects that equally need a lot of capital.

In other words, PureTech needs external financial support, which may result in extensive shareholder dilution. But even with funding secured, there’s no guarantee Deupirfenidone will actually succeed.

Put simply, while there may indeed be a near-300% return opportunity with PureTech Health shares, it’s one that comes with extreme execution risk that investors must consider very carefully.

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But as every experienced investor knows, past performance doesn’t guarantee future results. So now that 2026 has kicked off, which stocks could potentially deliver similar explosive gains? Here are three top picks from institutional investors.

1. PureTech Health

First up is PureTech Health (LSE:PRTC) – a clinical-stage biotech enterprise with a diversified portfolio of drug candidates.

Revenues have been quite lumpy in recent years, and higher interest rates have made it more expensive to fund research. However, the analyst team at Peel Hunt believe investors are drastically undervaluing the earnings potential of the group’s drug portfolio should its treatments eventually receive the regulatory green light.

Bringing new drugs to the commercial market is obviously easier said than done, with most attempts ending in failure. But if PureTech’s successful, the Peel Hunt team believes the stock could skyrocket to 508p – a massive 278% potential gain!

2. AFC Energy

AFC Energy‘s (LSE:AFC) another UK stock with explosive potential, according to experts. The most optimistic share price forecasts for the fuel cell technology business suggest a 145% capital gain. And it isn’t hard to see why some experts are excited.

With more governments worldwide striving to reach Net Zero, AFC’s hydrogen fuel cell technology offers a unique solution to off-grid clean energy needs for electric vehicle (EV) recharging stations, data centres, and even construction sites.

Of course, the hydrogen market remains young, with adoption unproven. And with AFC only recently starting to ship its fuel cells to customers, it isn’t clear whether it can scale up operations smoothly.

Nevertheless, with commercial orders now starting to emerge, the group’s seemingly at the beginning of a long and potentially lucrative journey.

3. Synthomer

Synthomer‘s (LSE:SYNT) also flagged for its exciting potential, with an average 130p share price target among experts — 115% higher than where the stock trades today.

Now that demand for its speciality polymers and adhesives is back on the rise, the multi-year downturn in its share price could be set to reverse. Even more so, given all the self-help initiatives the business has been executing to bolster margins.

However, the exact speed and timing of this recover remains a bit of a question mark with its Coatings & Construction Solutions segment continuing to face cyclical pressures that could delay its rebound.

The bottom line

All three businesses seemingly have substantial untapped growth potential that could propel investor portfolios in 2026. But similarly, each is also navigating tough challenges that could ultimately prevent them from realising these gains.

That’s why, no matter how optimistic the share price forecasts look on paper, investors always need to do a deep dive to make sure they understand both the risks and potential rewards. And personally, I think there are many better, lower-risk UK shares to take advantage of today.

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Like so many investors, I dream of finding the next stock that could take off like the Rolls-Royce share price (LSE: RR).

The FTSE 100-listed engineering giant’s shares have climbed a staggering 633% over two years and 140% over the last 12 months.

They continue to climb – up 6.38% in the last week – but Rolls-Royce shares now look pricey trading at more than 38 times earnings. That’s double the index average of 15.7 times.

This FTSE 100 stock has smashed the index

CEO Tufan Erginbilgic is still hungry. He’s cutting jobs, streamlining operations and multiplying margins in a bid to lift operating profits from £1.6bn in 2023 to £2.8bn by 2027.

However, I now see this more as a long-term dividend and growth play, for patient investors. And it’s not without risks.

The European Union Aviation Safety Agency is probing Rolls-Royce Trent XWB-97 engines after a “serious incident” involving a Cathay Pacific jet earlier this month. As we’ve seen with Boeing, technical problems can multiply once found. I’m sticking with my Rolls-royce shares but won’t buy more at today’s high valuation.

So where can I find my next growth spurt? After trawling the FTSE 250 for hidden gems I’m sorely tempted by biotherapeutics business Puretech Health (LSE: PRTC).

Like Rolls-Royce before the CEO took over, Puretech is in the doldrums. Its shares are down 32.32% over one year. Yesterday (24 September), they hit a five-year low of 141.8p. So what’s gone wrong?

PureTech specialises in medicines related to the brain, gut, and immune system. It’s been pouring money into researching and developing treatments, and is now pushing a pipeline of 28 therapeutics through US and EU regulatory processes.

The share price may be due a massive recovery

This is a very hit-or-miss process, of course. FTSE 100 giant GSK has been struggling to with this challenge for years and it’s worth more than £60bn. Puretech has a market cap of £363m, a minnow by comparison.

It’s made a pre-tax loss in each the last three years. 2022 full-year revenues of $15.61m plunged to just $3.33m in 2023. Despite that, it ended the year with cash, cash equivalents and short-term investments totalling $326m. 

That’s only slightly less than its market cap and the board says that gives it an operational runway into “at least 2027”.

In another positive surprise, PureTech recently treated investors to a $100m share buyback, using its share of proceeds from the $14bn sale of the PureTech-founded Karuna Therapeutics to Bristol-Myers Squibb.

CEO Bharatt Chowrira has talked up the group’s track record of clinical success, which he says is “six times the industry average”. The problem is that it’s impossible to say whether the current crop is any good. Buying Puretech shares is a gamble as a result.

The three analysts have set a one-year price forecast of 478p. That’s up 214.34% from today’s 152p. Unsurprisingly, there’s a huge range, from a minimum of 337p to a maximum of 643p. Puretech is a high-risk, high-reward play. I’ll take a small punt, and hope for a Rolls-Royce-sized rally.

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The bulls aren’t exactly running right now, I know. But as inflation data improves and interest rates come down further, I reckon the chances of a new surge could grow by the day.

Biotech resurgence?

And that’s when I think stocks like PureTech Health (LSE: PRTC) could start to shine once more.

This is a biotech business. And at the end of the last full year, the firm spoke of its “broad and deep pipeline”, and reminded us that it has as many as “29 therapeutics and therapeutic candidates, including two that have received both U.S. FDA clearance and European marketing authorization and a third (KarXT) that has been filed for FDA approval”.

PureTech stock’s had a bad year, as the appetite for smaller-cap growth stocks has faded. The new dip that kicked off in June hasn’t pushed the stock down quite as far as the 52-week low it set in December 2023. But we’re not far above it.

The road to profit

The key risk, as with so many similar stocks to this, is that there’s no profit yet. But forecasts at least see revenue starting to ramp up in 2025. And there seems to be plenty of cash on the books. As of December 2023, the company had “cash equivalents and short-term investments of $326m”.

As the economic clouds clear and investors are drawn back in to the stock market, I think we might see renewed growth stock sentiment. I’m very tempted to take the risk and go in with a small amount of cash. First-half results are due on 28 August.

Grounded airline

I don’t usually buy airline stocks. But Wizz Air’s (LSE: WIZZ) tanked in the past month, and it’s only slightly back up from its 52-week low.

In this case, the drop’s all down to Q1 earnings released on 1 August. The company revealed a crushing 98% fall in net profit, to just €1.2m.

CEO József Váradi spoke of “the resilience of Wizz Air’s ultra-low-cost business model.” I’m not entirely sure how such a huge profit fall can be a sign of anything positive, mind.

On the deck

Still, the problem looks to me to be a fairly short-term one. It’s all about plane groundings due to issues with the firm’s Pratt & Whitney GTF engines. At Q1 results time, the airline had 46 of its 179 aircraft firmly stuck on the ground. There’s going to be some compensation, which will help.

There’s intense competition in this business. And Wizz’s coming under pricing pressure, which I think it might have a bit of a struggle with.

But it still looks oversold to me. And this is another FTSE 250 stock I might buy a bit of when I have my next lot of investment cash ready.

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The FTSE 250 contains plenty of great value stocks right now. These two have caught my eye after crashing hard. Should I snap them up before they recover?

Biotherapeutics company PureTech Health (LSE: PRTC) is popular among my fellow Fools. It’s not without risk though.

The PureTech share price has plunged 49.38% in the last three years. Over 12 months, it’s down 10.51%. The rate of descent has slowed, but not much.

PureTech is all about the future. It specialises in medicines related to the brain, gut, and immune system, and is currently pushing a pipeline of 28 therapeutics through US and EU regulatory processes.

PureTech offers outsized rewards

That involves spending bags of money on R&D today in the hope of making bags more when treatments make it to market. Inevitably, it’s a bumpy process.

Recent results make painful reading with a pre-tax loss in each the last three years. 2022 full-year revenues of $15.61m plunged to just $3.33m in 2023. Despite that, it ended the year with level cash, plus cash equivalents and short-term investments of $326m. The board says that gives it an operational runway into “at least 2027”.

CEO Bharatt Chowrira has talked up the group’s track record of clinical success, which he says is “six times the industry average”. Now he needs to make money from it.

PureTech recently treated investors to a $100m share buyback, using proceeds from the $14bn sale of the PureTech-founded Karuna Therapeutics to Bristol Myers Squibb. That’s a big buyback, given the group’s market cap of £393m. Not that it’s shifted the share price much.

The price could fly if it starts making money but it’s too risky for me to buy today. I’ll watch and wait to see what its future holds.

Assura is a dividend star

Real estate investment trust (REIT) Assura (LSE: AGR) is another Foolish favourite. It builds and manages a portfolio of community healthcare buildings such as GP surgeries, which it leases to the NHS. It’s been doing this for 20 years, now.

This should be a relatively solid investment, as rents are ultimately underpinned by local authorities. However, it’s been hit by volatile property values, swinging from a full-year profit of £155.8m in 2022 to a £119.2m loss in 2023. The culprit was the surge in interest rates following former PM Liz Truss’s mini-Budget meltdown in autumn 2022. 

Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice.

The Assura share price has crashed 46.4% over three years and is down 5.5% over 12 months. It now looks decent value at 12.24 times earnings, but hardly dirt cheap.

Total revenues have been rising steadily year-on-year, despite the challenging economic environment. Net rental income climbed 9% to £138m in 2023. The pace slowed to 3.8% in 2024, though, lifting net income to £143.3m.

Assura’s balance sheet remains robust with undrawn facilities and cash of £235m, marginally down from £243m a year earlier. It could get a nice boost if interest rates fall and property prices rise.

The big attraction is the dividend, with a trailing blockbuster yield of 7.87%. Better still, the company increased shareholder payouts by 5.2% in May. That’s a brilliant income at a decent price. Plus potential share price growth too. I’ll buy it when I have the cash. And keep watching PureTech.

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We’re looking at a long-term average return from the smaller index of around 11% per year, against closer to 7%.

FTSE 250 stocks have been falling back again in the past few years, but they’re starting to make gains once more.

FTSE 250 growth

There are some big dividends from the FTSE 250, but today I have my eye on a pure growth stock.

It’s biotech research firm PureTech Health (LSE: PRTC). And its share price over the past five years has been… how pale are those knuckles again?

Explosive growth?

Let’s look at an obvious negative. PureTech is not producing regular profit, and forecasts don’t show any in the next couple of years.

But, the company has just completed a share buyback to the tune of $100m. Isn’t it a bit strange for a company that’s not in profit to be returning cash? Well, yes.

But the $14bn sale of the PureTech-founded Karuna Therapeutics to Bristol Myers Squibb made a big difference to the cash pile.

And at the end of the last full year on 31 March, the company reported cash, equivalents, and short-term investments of $573m. The board reckons there’s enough to keep it going for the next few years.

Clinical research

The future is all about the possibilities for PureTech’s research. It specialises in medicines related to the brain, gut, and immune system. And it has a number of candidates making their way through the regulatory systems in the EU and the US.

As well as it’s own research, PureTech has fingers in a lot of other pies, through its ‘Founded Entities’ approach… like that Karuna success.

It has stakes in a range of firms, working in the neuropsychiatric, oncology, immunology, and other fields.

The way forward

It’s all down to hopes for PureTech’s research pipeline, and those of its Founded Entities. But for me, I see the approach here as more attractive than most in this business.

Speaking of the firm’s internal research targets, CEO Bharatt Chowrira spoke of the options open to advance them.

He spoke of “progressing them in Founded Entities or through partnerships” as one way. And when the firm launches a new firm like this, they’ve recently been oversubscribed.

Oh, and the CEO also pointed out that “We take great pride in our track record of clinical success, which is six times the industry average“.

A buy?

Buying PureTech Health shares now would be very speculative. We just don’t have the usual measures to value it. There’s no useful price-to-earnings (P/E) ratio, no dividend yield, etc.

But, analysts do expect strong sales from PureTech in the next couple of years.

It’s tricky weighing this against the other stocks on my wanted list. But if I buy, it’ll only be small amount, as there’s a chance of losing it. But if it comes good, I might hope for a multibagger here.

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After soaring in the Covid crisis, mid-cap shares have fallen out of favour. And over the past five years, the index has gained just 4%. That compares to 11% for its bigger London sibling, and goes against the long-term trend.

Over the decades, the FTSE 100 has made average total returns of around 7% per year, while the FTSE 250 has been closer to 11%.

It does look like UK investors have been averse to risk. But I think that’s changing, and I reckon the FTSE 250 might be hiding some explosive growth potential.

Telecoms growth

Telecom Plus (LSE: TEP) shares lost a couple of percent on results day on 18 June. And they’re way down from the highs they reached in 2022.

But the stock is still up 24% in the past five years. And I wonder if a new bull run might be on the cards.

The firm operates the Utility Warehouse brand… energy, phone, and broadband all in one. And forecasts show that combination generating growing earnings in the next few years.

We saw earnings per share (EPS) of 109p for the 2024 year, up 9.9% and ahead of forecasts. It looks like we might see 120p per share by 2026.

Growth valuation

And if that comes off, we could have a price-to-earnings (P/E) ratio of 15 by then. For a stock with growth potential, that could be cheap.

The stock’s past volatility does weigh against it, though, and it’s in a highly competitive market. The valuation, while it might be low for a growth stock, might look high compared to other utilities firms.

But it does seem like a very efficient operation to me, and I think that could set it ahead.

Biotech growth

PureTech Health (LSE: PRTC) has had a good 2024 so far. But its shares are way down from their 2021 heights, and down 8% in five years.

PureTech helped found schizophrenia treatment business Karuna. Then Bristol-Myers Squibb bought it for $14bn, which means PureTech’s initial $18.5m investment generated more than $1bn.

With FY results released in April, CEO Bharatt Chowrira spoke of “our track record of clinical success, which is six times the industry average“.

This isn’t a stock to invest in lightly, and I’d need to dig into specific sector risks before I’d consider it. And the lack of regular profits from the firm’s business model is a concern.

Fallen growth

I also look at stocks like Ocado, a previous growth stock favourite. Have sellers pushed the price too low? I think they might.

It’s changed places with partner Marks & Spencer, being demoted to the FTSE 250 while M&S now has a FTSE 100 seat.

The lack of profit is the big problem. But when we see profit on the horizon, I think that might just spur a new growth spell.

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This index represents companies ranked 101-350 by market capitalisation on the London Stock Exchange. It’s a diverse group, with a combined market value of over £320bn for savvy investors to go hunting in.

Where I’d spend my cash in April

My current favourite pick is in the biotechnology space. The company is PureTech Health (LSE: PRTC), a clinical-stage biotherapeutics group that develops medicines to fight serious diseases.

PureTech has developed 28 therapeutics and therapeutic candidates to date, focused on weight management, cognitive disorders, alopecia and more.

I first added PureTech to my watchlist back in October when it hit a 52-week low of 139p. Since then, the company’s share price has rebounded to 219p including a 6.0% gain in last Monday’s trade.

The biotechnology industry can be tricky to navigate for us stock pickers. While the potential rewards can be there for the right treatment, clinical trials incur steep, upfront research and development (R&D) costs, with uncertain success rates and significant regulatory risk.

That brings me to another reason why I’m looking to buy this FTSE 250 stock in April over other biotech names. Not only does PureTech continue to innovate with its R&D engine, but it has brought two candidates through both US FDA and European marketing approval.

The company is set for a busy couple of months with its anticipated results release this month, and a capital return project on the go.

PureTech plans to return $100m via a tender offer in the latest shareholder-friendly action from the company. That’s a fair chunk of change relative to the company’s £583m market capitalisation.

The recent $14bn sale of the PureTech-founded Karuna Therapeutics to Bristol Myers Squibb has been the catalyst for this latest payout to shareholders.

I see two positives from the Karuna transaction and subsequent payout. Firstly, this represents a successful ‘cradle to grave’ investment from PureTech as a “Founded Entity”. Secondly, I see the proposed capital return a sign that management are using excess cash to benefit shareholders.

Some investors may want to see more reinvestment from these biotech companies to fuel further growth. That is a valid point, but I think the staged nature of clinical trials make cash management an important part of being competitive in the marketplace.

Another thing that gives me peace of mind is a recent update . On 20 December 2023, the company said that it has £320m in cash and equivalents, giving it an “operational runway” until 2027.

Management noted PureTech’s “robust” balance sheet and I think it is comfortable with future liquidity needs. That means this is an opportunity to give shareholders some cash back in their pockets after the recent successful sale.

My time to buy

PureTech appears well capitalised, and has demonstrated clinical and commercial success. My current problem is having no spare cash available to pull the trigger and buy the stock. Hopefully that will change in the coming weeks!

If the company can beat guidance in its April full-year results, then I think it’s one FTSE 250 stock to seriously watch in 2024.

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Ashtead

Ashtead is one of the largest equipment rental firms serving the construction industry. It makes most of its money in North America, which is where my excitement around potential growth comes from (more on that later).

The shares are down 5% over a 12-month period, from 5,580p at this time last year to current levels of 5,284p. However, this past year has been tough due to volatility. Ashtead shares have been on a tremendous run in recent years, climbing 174% over a five-year period.

I reckon continued economic turbulence is Ashtead’s biggest challenge, at least in the short to medium-term. This is because construction and infrastructure projects slow down during uncertainty, like now. This could hurt performance and investor returns.

However, I’m a long-term investor, therefore I’m looking to the future. In the US, a potentially lucrative infrastructure bill passed by the government could see Ashtead and the wider construction industry benefit. With lots of money to be released, Ashtead could see performance and returns boosted nicely.

A dividend yield of 1.5% and the shares looking decent value for money on a price-to-earnings ratio of 15 help my investment case. I’d expect the shares to continue their upward trajectory, more so once volatility cools. Plus, payouts could grow in line with performance. However, it’s worth mentioning dividends aren’t guaranteed.

PureTech Health

PureTech Health is a bio pharma business specialising in therapies and treatments for serious diseases.

Over a 12-month period, the shares are down 24%, from 246p at this time last year to current levels of 185p. However, it’s worth mentioning that they did spike 49% in December due to some excellent clinical results and positive developments.

In December, the business reported exciting developments in three key areas of its efforts. These were its pulmonary disease treatment, dubbed LYT-100. Next was its central nervous system area, labelled LYT-320. Finally, there were developments in its focus on oncology, known as LYT-200. This helped the shares soar.

In addition to this, Bristol Myers Squibb, a larger bio pharma firm, snapped up PureTech-founded Karuna Therapeutics for a mammoth $14bn. I reckon this deal is a sign that PureTech is making positive waves and breakthroughs in the industry.

The natural risk for PureTech shares is that clinical trials and treatment development don’t bear fruit or aren’t viable. This could have a disastrous impact on the business and shares.

However, I must note that the business looks in good financial health to continue its aims. Its last update mentioned $320m of cash on its balance sheet. This could help support growth aspirations.

Of the two stocks, I consider PureTech to be a tad riskier, but there’s still some exciting potential, if you ask me.

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Those stocks are Baltic Classifieds (LSE:BCG) and PureTech Health (LSE:PRTC), both listed on the FTSE 250. Let’s dive into what these companies do and why they’re capturing market attention.

Listings with a Baltic twist

Baltic Classifieds owns rapidly growing online marketplaces for various goods and services. Think of those marketplaces as being like eBay or Craigslist, but specifically for Lithuania, Latvia, and Estonia.

In December 2023, the stock rose by 12% off the back of the company’s strong financial performance.

The firm’s revenue reached €60.8m, marking a 19% increase from the previous year. Notably, its net income soared to €23.2m, a massive leap from the previous year, with a profit margin jumping to 38%. This profitability is mainly attributed to reduced expenses​​.

Meanwhile, analysts are projecting a bright future, anticipating revenue growth of 9.2% per annum over the next three years, outpacing the industry average in the UK​​. That optimism is reflected in the sky-high price-to-earnings (P/E) ratio of 50.

With a diversified portfolio of 14 websites across Estonia, Latvia, and Lithuania, I think the company could be a good way to get exposure to the Baltic region.

I would add Baltic Classifieds if it pulled back to 210p, where it was at the start of December 2023. Usually, I try to avoid getting caught up in momentum-driven plays, as I don’t want to pay a premium due to short-term market euphoria.

Health is wealth

PureTech Health operates in the biotech sphere, focusing on developing therapies for serious diseases.

Its stock jumped a whopping 30% in December, likely buoyed by several positive developments.

Puretech reported significant strategic and clinical progress in 2023, including successful clinical trials in treatments acute anxiety and solid tumours, along with a lucrative Royalty Pharma deal worth up to $500m​​.

With a robust balance sheet showing about $320m in cash, PureTech is well-funded for future endeavours. Notably, the company’s board has said it will consider special dividends or share buybacks, adding to investor appeal​​.

One of its promising drugs, LYT-100, aims to treat idiopathic pulmonary fibrosis, a rare and fatal disease. It shows potential for better tolerability and efficacy compared to existing treatments​​. PureTech is also developing LYT-300 and LYT-310 for neuropsychiatric and neurological conditions, including anxiety and epilepsy​​. Additionally, the pharma firm’s new therapeutic candidate LYT-320 aims at treating anxiety and mood disorders.

In December 2023, Bristol Myers Squibb paid $14bn for the PureTech-founded entity Karuna Therapeutics.

This acquisition underscores the value and potential of PureTech’s innovative approach in biotechnology​​.

Regardless, I won’t be buying shares in PureTech. In general, I avoid speculative early-stage biotech stocks, as I have no special insights into the science that drives their results.

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