Hot or Not, Stock Market Edition: 07/23/2026

Happy Thursday. Two stocks earning their rallies with real results, two riding hype the ratings won't ratify. Here's today's lineup:

• Hot: Oncology drugmaker BeOne Medicines (ONC) turns FDA approvals into a Strong Buy; government healthcare insurer Centene (CNC) converts contract wins into a 65% rally
• Not: Weight-loss hopeful Viking Therapeutics (VKTX) can't outrun its zero-revenue reality; luxury EV maker Lucid Group (LCID) is the rare stock that flunks all eight grades

P.S. For more stocks making moves, check out our Zen Ratings Upgrades & Downgrades screener.

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🔥 HOT: Government healthcare insurer Centene (CNC) has authored one of 2026's most dramatic reversals. Twelve months ago the stock traded as low as $25; as of writing it's trading in the $65 range, powered by a margin-recovery plan that's finally taking hold. New catalysts keep arriving on schedule… Subsidiary Meridian just locked in a renewed Illinois Medicaid contract, securing years of revenue, and UnitedHealth's strong earnings this month lifted the entire insurance group. The next real test comes July 28, when Centene reports and analysts expect EPS to swing back to solidly positive after last year's one-off hit. 

Our Zen Ratings see the same recovery. Its B Zen Rating (Buy) is matched by being ranked #2 of 10 in the Healthcare Plan industry, itself one of the rare sectors carrying an A grade overall. B's in Momentum and Financials pair an established uptrend with a balance sheet, backed by close to $8 billion in operating cash flow. That’s sturdy enough to keep funding the turnaround. Between the rally, the contract wins, and a top-two industry ranking, this comeback still has legs. 

🥶 NOT: Clinical-stage biotech Viking Therapeutics (VKTX) has enjoyed a 65% bounce off its lows thanks to the market's obsession with weight-loss drugs … but it may be an enthusiasm the balance sheet doesn't yet justify. There's no revenue to speak of, and analysts don't expect that to change for at least two more years while Viking fights for space against Eli Lilly and Novo Nordisk in the GLP-1 market. Spending is set to nearly triple, a pace that could outrun the company's cash reserves within the year. Leadership isn't sticking around to find out: the CEO, CFO, and COO each sold shares in January. Our discounted cash flow model values the stock at a small fraction of its current price.  

The Zen Ratings back up that skepticism. VKTX sits at F (Strong Sell), ranked #463 of 464 biotech names — near the very bottom of the industry. Its F for Financials reflects the shrinking cash runway, while D grades in Growth, Sentiment, and AI describe a stalled pipeline and fading conviction on Wall Street. This is the profile of a stock priced for a best-case outcome it hasn't earned yet — Viking could still win its place in obesity treatment, but the math doesn't favor buyers at this price. 

🔥 HOT: Oncology drugmaker BeOne Medicines (ONC) is stringing together regulatory victories faster than almost any biotech out there. In just the past few months, the company won FDA approval for BEQALZI, the first and only BCL2 inhibitor for relapsed mantle cell lymphoma, reported positive Phase 3 data for flagship drug BRUKINSA, and landed FDA priority review for TEVIMBRA in gastric cancer. All eight analysts covering the stock rate it Buy or Strong Buy, a Jefferies upgrade arrived just this month. The average price target implies 25% upside from current levels, while the maximum target suggests the stock could see greater than 40% upside in the coming year. 

The fundamentals hold up their end of the story. ONC carries an A Zen Rating (Strong Buy) and ranks #11 out of 464 biotech stocks. B grades in Value, Growth, Financials, and AI show attractive pricing, an expanding pipeline, solid finances, and forward-looking data strength all at once, evidence this has moved past a speculative clinical bet.

🥶 NOT: Luxury EV maker Lucid Group (LCID) is fighting trouble on two fronts at once: legal and financial. A securities class-action lawsuit carries a lead-plaintiff deadline of July 28, and law firm solicitations have flooded its news feed for weeks — a reaction the underlying business does little to discourage. Every vehicle Lucid sells loses money, with gross margin sitting near negative 95%, and its roughly $700 million cash cushion is dwarfed by a burn rate expected to run into the billions annually. Shares now trade nearly 80% under their 52-week high, and anyone who's held since the debut has watched more than 90% of their investment disappear. A 10% single-day pop last week looked more like noise than a turning point. 

The ratings offer no relief. An F Zen Rating (Strong Sell) puts LCID dead last, #22 of 22, in the Auto industry — one of the rare stocks failing every category the model tracks. F's in Value, Momentum, Financials, and AI describe an overpriced stock stuck in a downtrend with a fragile balance sheet, while D's in Growth, Sentiment, and Safety mean not one component clears even a C. Steep losses per vehicle, a shrinking runway, and mounting legal risk make this a stock where the discount still isn't deep enough.

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