The S&P 500’s 2024 rally paused in April as discouraging economic data and fears over potential stagflation weighed on investor sentiment. After a strong 2023 performance, the S&P 500 is still up more than 7% this year, and investors are hoping the inflation outlook will improve in coming months. Top 2024 stock market performers include health care stocks with unique catalysts, artificial intelligence stocks and stocks tied to former President Donald Trump.
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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:
| Stock | 2024 Return Through April 30 |
| Vera Therapeutics Inc. (ticker: VERA) | 156.9% |
| Cullinan Therapeutics Inc. (CGEM) | 165.1% |
| Avidity Biosciences Inc. (RNA) | 166.6% |
| Trump Media & Technology Group Corp. (DJT) | 185.3% |
| Canopy Growth Corp. (CGC) | 191.2% |
| Super Micro Computer Inc. (SMCI) | 202.1% |
| Alpine Immune Sciences Inc. (ALPN) | 238.9% |
| Viking Therapeutics Inc. (VKTX) | 327.6% |
| Janux Therapeutics Inc. (JANX) | 431.2% |
| Root Inc. (ROOT) | 564.6% |
10. 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 156.9%.
9. Cullinan Therapeutics Inc. (CGEM)
Cullinan Therapeutics is a biotechnology company focused on developing oncology and immuno-oncology therapies. The company’s stock caught fire in April after the medical journal Nature Medicine published data suggesting six patients with rheumatoid arthritis who received treatment of Amgen Inc. (AMGN) leukemia therapy Blincyto experienced a “rapid decline” in clinical disease. Because Cullinan’s lymphoma candidate CLN-978 operates via a similar mechanism, investors began piling into the stock. The following week, another peer-reviewed study found Blincyto to be a potent treatment for autoimmune disease systemic sclerosis, adding fuel to the Cullinan rally. The stock is now up 165.1% this year.
8. Avidity Biosciences Inc. (RNA)
Avidity Biosciences uses its proprietary platform to design RNA therapeutics 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 166.6%.
7. Trump Media & Technology Group Corp. (DJT)
Trump Media & Technology Group completed a long-anticipated merger with special-purpose acquisition company (SPAC) Digital World Acquisition in March, taking former President Donald 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 businesses. The election year likely means plenty of social media engagement. Trump Media shares surged after the SPAC merger, and the stock is already up 185.3% this year on Trump’s political momentum.
6. Canopy Growth Corp. (CGC)
Canopy Growth is a global cannabis company based in Ontario, Canada. Canopy shares surged 79% on April 30 on reports that the Biden administration is planning to reclassify marijuana as a Schedule 3 substance. Despite being legal in many states, marijuana is currently classified as a Schedule 1 substance at the federal level, putting it in the same category as methamphetamines and heroin. If marijuana is reclassified as Schedule 3, it would be regulated federally in the same category as drugs such as Tylenol with codeine or testosterone. Canopy Growth shares are up 191.2% in 2024.
5. 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 broad 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 946% since the beginning of 2023 and are up 202.1% in 2024.
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4. Alpine Immune Sciences Inc. (ALPN)
Alpine Immune Sciences is a clinical stage biotechnology company focused on developing protein-based immunotherapies. The company’s lead product is povetacicept, which has had success in treating patients with IgA nephropathy (IgAN). On April 10, biotech giant Vertex Pharmaceuticals Inc. (VRTX) announced a $4.9 billion buyout of Alpine priced at $65 per share. Vertex said it expects to close the deal in the second quarter of 2024, and the market doesn’t seem to see any regulatory issues ahead. The takeover news understandably sent Alpine shares ripping higher by 238.9% this year to within cents of the $65 buyout price.
3. 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 soared in late February when Viking reported positive results in its phase 2 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 327.6% this year.
2. 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 climbed 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 431.2% this year.
1. Root Inc. (ROOT)
Root is an insurance technology platform that claims to use data science to provide personalized, easy and fair insurance to customers. Its app has more than 13 million downloads, and the company says it has collected more than 25 billion miles of driving data to incorporate into its auto insurance offerings. Root’s 2024 rally began in February when the company reported record revenue and a substantial reduction in net losses. The stock hit new highs after hours on April 30 after Root reported impressive first-quarter numbers as well. The stock was up 564.6% this year as of the close on April 30.
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2024’s 10 Best-Performing Stocks originally appeared on usnews.com
Update 05/03/24: This story was previously published at an earlier date and has been updated with new information.
