2 Growth Stocks to Invest $1,000 in Right Now

Investing in up-and-coming growth stocks can involve risk, but doing so can also result in tremendous returns if things go well. It all comes down to taking calculated risks and investing in stocks that have some catalysts ahead, and which may look undervalued.

A thousand dollars can be a great amount to put into a stock because it can ensure you have enough skin in the game where carefully picking a good growth stock is worthwhile. It can give you a good balance between managing your risk and also ensuring you have room to make some decent money.

A couple of stocks that I believe can warrant an investment of at least $1,000 today are CRISPR Therapeutics (NASDAQ: CRSP) and Viking Therapeutics (NASDAQ: VKTX). Here's why these mid-cap stocks can have plenty of room to rise higher in the future.

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CRISPR Therapeutics

CRISPR Therapeutics has a market cap of $5.4 billion. Its gene-editing therapy Casgevy has been approved to treat a couple of rare blood disorders -- sickle cell disease and transfusion-dependent beta thalassemia. The company developed Casgevy with Vertex Pharmaceuticals and will share in any profits on it.

However, it's been a slow rollout for Casgevy, as less than 300 patients have been referred to authorized treatment centers thus far. The good news is that Vertex says it "expects a clear line of sight to over $100 million" in sales this year. Under their agreement, Vertex records all sales from Casgevy.

There's decent momentum for Casgevy, but it could take a while for it to pay off for CRISPR. However, with an approved treatment in its portfolio, it's safer than other similar biotech stocks. It's also in the early stages of developing other possible treatments, including CTX211, for type 1 diabetes.

Investing $1,000 in CRISPR can make a lot of sense given the potential room for the stock to take off as Casgevy grows or if CRISPR obtains approval for another treatment. With an established track record, this is a stock that's not as risky of a buy anymore. Plus, with cash and marketable securities totaling around $1.9 billion, the business is well funded; it burned through just $302 million from its day-to-day operating activities over the past 12 months.

CRISPR's stock is up 43% this year (as of Dec. 15), and there could be plenty more gains ahead for investors who buy it today. It's not a risk-free investment by any means, but it could be worth taking a small position in this promising healthcare company.

Viking Therapeutics

One stock that also could double or even triple in value is Viking Therapeutics. It doesn't have an approved product in its portfolio today, which makes it a riskier investment to own right now. But the company has been making solid progress with its GLP-1 injectable treatment, VK2735.

In a phase 2 trial, the drug helped people lose up to 14.7% of their body weight after just 13 weeks. And 88% of patients lost at least 10%. VK2735 is in the midst of phase 3 trials; if it obtains approval from regulators, the stock could skyrocket. Viking can also make an attractive acquisition target for a larger healthcare company looking to make a big splash in GLP-1.

Viking is also in the midst of developing an oral version of VK2735. That's not as far along as the injectable, but if that ends up showing progress, the stock may end up soaring even before the drug obtains approval. An effective weight loss pill is a possible game changer for any company in the healthcare sector. Analysts at Grand View Research project that the GLP-1 market could be worth just under $157 billion by the end of the decade.

If Viking can secure even a modest slice of that market, it could end up looking like a steal right now, with its market cap sitting at just $4.1 billion.

David Jagielski, CPA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends CRISPR Therapeutics and Vertex Pharmaceuticals. The Motley Fool recommends Viking Therapeutics. The Motley Fool has a disclosure policy.