The S&P 500’s 2024 rally continued in July as second-quarter gross domestic product growth numbers exceeded expectations. Most investors also expect the Federal Reserve to cut rates in September. The S&P 500 is up 15.8% through July 31, and investors are hoping the inflation outlook will improve further in coming months.
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Top 2024 stock market performers include several health care stocks with unique catalysts, as well as a high-growth real estate services company and an e-commerce platform. 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 July 31 |
| Arcutis Biotherapeutics Inc. (ticker: ARQT) | 211.8% |
| Dyne Therapeutics Inc. (DYN) | 222.6% |
| Humacyte Inc. (HUMA) | 233.1% |
| Jumia Technologies AG (JMIA) | 242.2% |
| AST SpaceMobile Inc. (ASTS) | 242.9% |
| Real Brokerage Inc. (REAX) | 271.8% |
| Janux Therapeutics Inc. (JANX) | 278.3% |
| Summit Therapeutics Inc. (SMMT) | 313.7% |
| Avidity Biosciences Inc. (RNA) | 403.6% |
| Longboard Pharmaceuticals Inc. (LBPH) | 451.2% |
10. Arcutis Biotherapeutics Inc. (ARQT)
Arcutis Biotherapeutics is developing a dermatology program 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 Food and Drug Administration for treating plaque psoriasis and seborrheic dermatitis, respectively. In July, the FDA approved roflumilast cream 0.15% for treating atopic dermatitis for users ages six and up. The company is also in late-stage trials of ARQ-154 in treating scalp and body psoriasis. The positive headlines and optimism surrounding potential roflumilast label expansion have sent Arcutis’ stock soaring 211.8% this year.
9. Dyne Therapeutics Inc. (DYN)
Dyne Therapeutics is an early clinical-stage drug developer targeting muscle diseases, including myotonic dystrophy type 1 (DM1), Duchenne muscular dystrophy (DMD) and facioscapulohumeral muscular dystrophy. The company’s leading assets are DYNE-101 and DYNE-251 targeting DM1. In early January, Dyne’s share price spiked when it reported promising trial data for DYNE-251 in treating DMD. Dyne’s therapy reportedly involves a lower dose and higher efficacy than competitor Exondys 51, produced by Sarepta Therapeutics Inc. (SRPT
). The stock’s momentum continued when it released more positive trial data on DYNE-101 and DYNE-251 in May. The stock is up 222.6% in 2024.
8. Humacyte Inc. (HUMA)
Humacyte is developing a biotechnology platform to produce universally implantable, bioengineered human tissues and organs. The company engineers and manufactures acellular tissues intended to treat a wide range of injuries, diseases and chronic conditions. The company’s initial portfolio of human acellular vessels is currently in late-stage clinical trials targeting multiple vascular applications, including vascular trauma repair, peripheral arterial disease and arteriovenous access for hemodialysis. On July 31, the company reported its humacyte acellular tissue engineered vessel (ATEV) met its primary endpoints in late-stage trials involving hemodialysis patients. Humacyte stock is up 233.1% in 2024.
7. Jumia Technologies AG (JMIA)
Jumia Technologies is a leading e-commerce platform in Africa. The stock jumped 30% on July 9 after Benchmark analyst Fawne Jiang initiated coverage of the stock with a “buy” rating and set a $14 price target. Jiang said that Jumia is headed for profitability and is well positioned to benefit from “multi-year and potentially multi-decade e-commerce growth” in Africa. She said Africa is a large, underserved market and Jumia is the only true pan-African e-commerce pure-play. Jiang is the first analyst to cover Jumia, boosting the stock’s credibility for investors. Jumia shares are now up 242.2% this year.
6. AST SpaceMobile Inc. (ASTS)
AST SpaceMobile is building a broadband cellular network via space satellites that operates directly with standard, unmodified mobile devices. The company’s goal is to provide mobile broadband services to the entire globe without the need for users to purchase special equipment. The stock has been rallying since May in anticipation of the launch of AST’s first commercial satellites, and the rally picked up steam in late July when the company announced it has completed construction of its first five satellites. AST anticipates the satellites will be deployed in September. AST SpaceMobile shares are up 242.9% this year.
5. Real Brokerage Inc. (REAX)
Real Brokerage provides a digital brokerage platform for real estate agents. The company has reported some impressive revenue growth in recent quarters, and investors may be optimistic that falling interest rates could trigger a flurry of activity in the real estate market. The U.S. housing market has been plagued by supply shortages, and many homeowners have been unwilling to sell their properties or upgrade their houses because they are locked into low mortgage rates. Once mortgage rates start to fall, companies like Real Brokerage could see a major business boom. Real Brokerage shares are up 271.8% in 2024.
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. Janux 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 278.3% this year.
3. 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 second quarter, Merck reported $7.3 billion in Keytruda sales, up 16% from a year ago. The news has sent Summit shares soaring 313.7% through July 31.
2. 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-stage clinical trials, reducing DUX4 regulated genes significantly. Avidity shares are up 403.6% this year.
1. 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), CDKL5 deficiency disorder (CDD) and other epileptic disorders. On Jan. 2, Longboard shares skyrocketed when it reported positive mid-stage clinical results from its LP352 in treating DEEs. As a result, the stock started off 2024 up nearly 300% and is now up 451.2% through July 31.
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2024’s 10 Best-Performing Stocks originally appeared on usnews.com
Update 08/01/24: This story was previously published at an earlier date and has been updated with new information.
