Cathie Wood is roaring back. Her flagship ARK Innovation ETF (ARKK -3.51%) plunged 67% last year. But so far in 2023, the exchange-traded fund is up nearly 40%. 

This impressive performance could be just the warm-up. Analysts are especially bullish about some of ARK Innovation ETF's holdings. Here are three of Wood's ARK stocks that Wall Street thinks can soar 60% to 129% over the next 12 months.

1. Beam Therapeutics

Wood definitely likes gene-editing stocks. ARK Innovation ETF owns four of them right now. Beam Therapeutics (BEAM -0.70%) ranks as the 14th-largest holding in the ETF's portfolio.

Like the ARK Innovation ETF itself, Beam stock performed dismally last year. However, it's making a big comeback in 2023 thus far. Wall Street thinks that Beam can go a lot higher. The consensus 12-month price target for the stock reflects an upside potential of around 60%.

Beam is a pioneer in base editing. It's a type of gene editing that enables making changes to base DNA pairs in the genome. While CRISPR gene editing can be viewed as using scissors to cut the genome, base editing is more like using a pencil with an eraser to make precise genomic changes.

It's still really early for Beam. The company's pipeline currently features only one program in phase 1/2 clinical studies that targets sickle cell disease. However, Beam hopes to advance another experimental therapy targeting leukemia into clinical testing by mid-2023. If the company's base-editing approach proves to be both safe and effective, Beam could easily be a 10-bagger down the road.

2. CRISPR Therapeutics

CRISPR Therapeutics (CRSP -1.51%) appears to be the gene-editing stock that Wood is most bullish about. Her ARK Innovation ETF owns nearly 5.5 million shares of the biotech, making it the fund's 12th-largest position. 

Like most biotech stocks, CRISPR Therapeutics fell significantly in 2022. However, it's rebounding nicely year to date. The average analysts' price target projects that CRISPR Therapeutics' shares could soar close to 71% from the current level.

Probably the most important thing to know about CRISPR Therapeutics is that it could have a huge catalyst on the way. The company and its big partner, Vertex Pharmaceuticals, hope to secure regulatory approvals for exa-cel later this year in treating sickle cell disease and transfusion-dependent beta-thalassemia. If approved, exa-cel will become the first CRISPR gene-editing therapy on the market.

CRISPR Therapeutics' pipeline also includes other promising experimental therapies. The company recently advanced CTX110 into a phase 2 study targeting CD19+ B-cell malignancies. It's evaluating CTX130 in early stage clinical testing targeting solid tumors and blood diseases. CRISPR Therapeutics and Viacyte are also working together to test gene-editing therapy VCTX210 in treating type 1 diabetes.

3. Intellia Therapeutics

Intellia Therapeutics (NTLA -3.07%) ranks as the 11th-largest holding in ARK Innovation ETF's portfolio. With Wood buying more shares of Intellia recently, it could climb to an even higher spot.

Speaking of climbing higher, that's exactly what Intellia's share price is doing these days. The stock plunged 70% last year. However, it has bounced back by close to 25% so far in 2023. And Wall Street thinks that it could move much higher over the next 12 months. The consensus price target reflects an upside potential of 129%. 

Why are analysts (and Wood) so bullish about Intellia? It's because they're excited about the prospects for the company's pipeline programs. Intellia has three candidates in early stage clinical testing. It expects to report data this year for NTLA-2001 in targeting transthyretin amyloidosis and NTLA-2002 in targeting hereditary angioedema. The company also partnered with Novartis on the development of OTQ923/HIX763 in treating sickle cell disease.

Intellia hopes to advance other programs into clinical testing in the near future. It plans to submit for U.S. approval in the second half of 2023 to begin clinical studies of NTLA-3001 in treating alpha-1 antitrypsin deficiency.

Should you get on the ARK?

Beam Therapeutics, CRISPR Therapeutics, and Intellia Therapeutics are high-risk stocks. For that matter, the ARK Innovation ETF is quite risky itself. Any investor who isn't willing to take on considerable risk should stay away from all of them.

However, aggressive investors with long time horizons might want to consider buying shares of Beam, CRISPR Therapeutics, and Intellia. It's best to only initiate relatively small positions. But even a small stake in these stocks could pay off in a big way over the next decade and beyond.