The S&P 500’s 2024 rally continued in June as strong first-quarter earnings numbers overshadowed fears over slowing economic growth and potential stagflation. After a strong 2023 performance, the S&P 500 is up 14.5% this year, and investors are hoping the inflation outlook will improve further in coming months.
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Top 2024 stock market performers include health care stocks with unique catalysts, artificial intelligence stocks and stocks tied to nuclear energy. 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 June 28 |
| Core Scientific Inc. (ticker: CORZ) | 170.3% |
| Viking Therapeutics Inc. (VKTX) | 184.8% |
| Arcutis Biotherapeutics Inc. (ARQT) | 187.9% |
| Super Micro Computer Inc. (SMCI) | 188.2% |
| Vital Farms Inc. (VITL) | 198.1% |
| Summit Therapeutics Inc. (SMMT) | 198.8% |
| NuScale Power Corp. (SMR) | 255.3% |
| Janux Therapeutics Inc. (JANX) | 290.4% |
| Longboard Pharmaceuticals Inc. (LBPH) | 348.3% |
| Avidity Biosciences Inc. (RNA) | 351.3% |
10. Core Scientific Inc. (CORZ)
Core Scientific operates facilities designed for digital asset mining, blockchain infrastructure, and software solutions and services. The company’s mining segment mines Bitcoin (BTC) for the company’s own balance sheet. Its hosting segment includes third-party hosting and blockchain infrastructure. After going through bankruptcy during the “crypto winter,” Core Scientific returned to the Nasdaq in late January, and Bitcoin prices hit new all-time highs in early 2024. In June, Core Scientific announced a series of new 12-year contracts with cloud services provider CoreWeave to deliver roughly 200 megawatts of infrastructure to host CoreWeave’s high-performance compute operations. The announcement, coupled with soaring cryptocurrency prices, has propelled Core Scientific’s share price higher by 170.3% so far in 2024.
9. 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-phase 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 184.8% this year.
8. Arcutis Biotherapeutics Inc. (ARQT)
Arcutis Biotherapeutics is an early commercial-stage dermatology company focused on treating immune-mediated dermatological diseases and conditions. The company’s topical roflumilast cream (ARQ-151) and foam (ARQ-154) are already approved by the Food and Drug Administration for treating plaque psoriasis and seborrheic dermatitis, respectively. In early March, the company reported that investigational roflumilast cream 0.05% met the primary endpoint and all secondary endpoints 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 187.9% this year.
7. 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 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 about 900% since the beginning of 2023 and are up 188.2% in 2024.
6. Vital Farms Inc. (VITL)
Vital Farms packages, markets and distributes pasture-raised eggs, butter and other products. Its leading brands include Vital Farms, Lucky Ladies, Alfresco Farms and RedHill Farms. Vital Farms shares popped in May when the company reported 24.1% revenue growth in the first quarter and said its gross margin expanded 4 percentage points in the quarter. The record revenue and improved financial visibility allowed the company to raise its fiscal 2024 guidance as well. Vital Farms raised its fiscal 2024 revenue guidance from $552 million to $575 million, representing at least 22% annual revenue growth. The stock is up 198.1% this year.
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5. Summit Therapeutics Inc. (SMMT)
Summit Therapeutics is a biopharmaceutical company that is developing treatments for infectious diseases. Its huge 2024 gains are related to SMT112, also known as ivonescimab. Ivonescimab is a potential cancer treatment in late-stage clinical trials for treating metastatic non-small cell lung cancer. Summit shares ripped higher on May 30 when the company reported the drug had achieved efficacy levels that are significantly better than leading Merck & Co. (MRK) cancer drug Keytruda. In the first quarter, Merck reported $6.9 billion in Keytruda sales, up 20% from a year ago. The news has sent Summit shares soaring 198.8% this year.
4. NuScale Power Corp. (SMR)
NuScale designs and markets small modular reactors (SMRs) used to generate nuclear energy. Nuclear energy is controversial, but it is also a large potential source of clean energy. One of NuScale’s biggest catalysts of the year in 2024 was a recent announcement that the Department of Energy will be investing $900 million in funding from President Biden’s Bipartisan Infrastructure Law to support the initial U.S. deployments of Generation III+ SMR technologies. As of 2024, NuScale is the first and only SMR company that has its design certified by the U.S. Nuclear Regulatory Commission, and investors see the company as a logical partner for the U.S. government and other national governments looking to prioritize clean nuclear energy. The stock is up 255.3% this year.
3. 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. The company has also been the subject of buyout rumors, and an acquisition could send shares soaring even higher at any time. Janux shares are now up 290.4% this year.
2. Longboard Pharmaceuticals Inc. (LBPH)
Longboard Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing therapies for neurological diseases. The company’s bexicaserin (LP352) drug candidate is being tested for the potential treatment of seizures associated with developmental and epileptic encephalopathies (DEEs), such as Dravet syndrome, Lennox-Gastaut syndrome (LGS), tuberous sclerosis complex (TSC) and CDKL5 deficiency disorder (CDD). On Jan. 2, Longboard shares skyrocketed when it reported positive early phase clinical results for LP352 in treating DEEs. The stock jumped nearly 300% early this year and is now up 348.3% through the second quarter.
1. 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 jumped in June when Avidity reported AOC-1020 demonstrated “unprecedented” efficacy in mid-phase clinical trials, reducing DUX4 regulated genes significantly. Avidity shares are up 351.3% this year.
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2024’s 10 Best-Performing Stocks originally appeared on usnews.com
Update 07/01/24: This story was previously published at an earlier date and has been updated with new information.
