2024’s 10 Best-Performing Stocks | Investing

The S&P 500’s 2024 rally continued in March as encouraging economic data and solid fourth-quarter earnings numbers boosted investor sentiment. After a strong 2023 performance, the S&P 500 has started the year up 10.2% through the end of March, and the index even made a string of new all-time highs in the first quarter. Top 2024 stock market performers include health care stocks with unique catalysts, artificial intelligence stocks and a stock tied to former President Donald Trump.

Here are the 10 best-performing stocks of 2024 among companies that trade on major U.S. exchanges and have market capitalizations of at least $1 billion:

10. Sana Biotechnology Inc. (SANA)

Sana Biotechnology is a gene-editing company that creates engineered cells as medicine for patients. The company and the stock have had plenty of positive momentum in the past year. Sana has secured three investigational new drug application clearances from the U.S. Food and Drug Administration since the beginning of 2023. The company has gained clearances for SC291 in treating patients with B-cell malignancies and autoimmune diseases and clearance for SC262 to treat patients with relapsed or refractory B-cell malignancies. Investors understandably see the clearances as a positive sign, and the stock is up 145.1% this year.

9. MicroStrategy Inc. (MSTR)

MicroStrategy’s core business – officially, at least – is a business intelligence software platform. But cryptocurrency enthusiasts know the company because it is also the largest corporate investor in Bitcoin (BTC). As of February 2024, the company held 190,000 BTC on its balance sheet, a stake worth about $13.2 billion at today’s Bitcoin prices. With the price of Bitcoin up more than 50% this year, it’s easy to see why MicroStrategy shares have soared. MicroStrategy’s business intelligence segment hasn’t performed particularly well, so investors should expect the stock to continue to trade in sympathy with Bitcoin moving forward. MicroStrategy shares are up 169.9% in 2024.

8. SoundHound AI Inc. (SOUN)

SoundHound AI is a conversational intelligence technology company that provides voice AI solutions to business customers to automate customer service. The company has reported impressive growth numbers in recent quarters, and the stock has certainly been swept up in the Wall Street AI technology craze. Enthusiasm for SoundHound AI jumped to a new level in late February when a regulatory filing by AI chipmaker Nvidia Corp. (NVDA) revealed the $2.3 trillion company has an investment stake in SoundHound AI. Investors see Nvidia’s investment as a major vote of confidence, and SoundHound’s stock is up 177.8% this year.

7. Vera Therapeutics Inc. (VERA)

Vera Therapeutics is a clinical-stage biotechnology company developing treatments for immunological diseases. Vera’s lead product candidate is atacicept, which it is testing for treatment of lupus nephritis and immunoglobulin A nephropathy, or IgAN. In January, Vera announced the addition of industry veterans Robert Brenner and William Turner, who will join Vera as the company’s new chief medical officer and chief development officer, respectively. The same day the executive additions were announced, Cantor Fitzgerald initiated coverage of Vera with an “overweight” rating. The positive headlines and atacicept optimism have been enough to send Vera’s stock soaring 180.4% this year.

6. Avidity Biosciences Inc. (RNA)

Avidity Biosciences uses its proprietary Antibody Oligonucleotide Conjugates (AOC) platform to design RNA therapeutics that combine the tissue selectivity of monoclonal antibodies (mAbs) with the precision of oligonucleotide-based therapies to more effectively target underlying genetic drivers of diseases. The company has three programs in clinical development: AOC-1001 for treating myotonic dystrophy type 1 (DM1), AOC-1044 for treating Duchenne muscular dystrophy (DMD) and AOC-1020 for treating facioscapulohumeral muscular dystrophy (FSHD). The stock’s 2024 momentum may stem from positive long-term data on AOC-1001 and an accelerated initiation of late-stage testing starting in the second quarter. Avidity shares are up 182% year to date.

5. Arcutis Biotherapeutics Inc. (ARQT)

Arcutis Biotherapeutics is an early commercial-stage medical dermatology company focused on treating immune-mediated dermatological diseases and conditions. The company’s topical roflumilast cream (ARQ-151) and topical roflumilast foam (ARQ-154) are already approved by the FDA for treating plaque psoriasis and seborrheic dermatitis, respectively. In early March, the company reported that investigational roflumilast cream 0.05% achieved good results in late-stage trials treating atopic dermatitis in children ages 2 to 5. The positive headlines and optimism surrounding a potential label expansion for roflumilast have been enough to send Arcutis’ stock soaring 206.8% year to date.

4. Janux Therapeutics Inc. (JANX)

Janux Therapeutics is a clinical-stage biotechnology company developing immunotherapies that generate tumor-specific immune responses that attack and kill tumors without damaging healthy tissue. The stock ripped higher on Feb. 27 after Janux reported encouraging safety and efficacy data from its ongoing trials of JANX007 in treating metastatic castration-resistant prostate cancer and JANX008 in treating late-stage solid tumors. The company claims JANX007 has a potential best-in-class efficacy and safety profile. Following the news, Wedbush reiterated its “outperform” rating for Janux and more than doubled its price target from $24 to $53. Janux shares are now up 250.9% this year.

3. Trump Media & Technology Group Corp. (DJT)

Trump Media & Technology Group completed a long-anticipated merger with special-purpose acquisition company, or SPAC, Digital World Acquisition in late March, taking Trump’s social media company public for the first time. Investors seemingly see Trump’s status as the presumptive 2024 Republican Party nominee for president as good news for Trump’s newly public business. The election year likely means plenty of social media engagement. At this point, it’s too early to predict if Trump will win in November, but Trump Media shares surged after the SPAC merger and the stock is already up 254.1% this year through the end of March on Trump’s political momentum.

2. Super Micro Computer Inc. (SMCI)

Super Micro Computer is a tech company that produces a wide range of computer hardware products, including servers, networking equipment, motherboards and chassis. As the tech sector recovered in 2023, investor enthusiasm for stocks exposed to cloud computing, AI, blockchain technology and autonomous vehicles has spiked. Super Micro Computer shares surged last year, and that momentum has carried over into 2024. Given the company’s exposure to several high-growth technology fields, it’s understandable why investors are buying the stock. Super Micro Computer shares are up 255.3% already in 2024.

1. Viking Therapeutics Inc. (VKTX)

Viking Therapeutics is a clinical-stage biotechnology company developing therapies for metabolic and endocrine disorders. The company’s lead drug is VK2735 for obesity, which it is testing in both a daily oral pill form and a weekly injection form. The stock ripped higher in late February when Viking reported positive results in its mid-stage testing of VK2735, which has been well tolerated and has achieved up to 13.1% placebo-adjusted mean weight loss in patients after 13 weeks of treatment. Investors are hoping VK2735 could be the next billion-dollar weight loss drug. The stock is up 340.6% this year.