The S&P 500’s 2024 rally continued in July as second-quarter GDP growth numbers exceeded expectations. Investors also expect Federal Reserve rate cuts are now just around the corner. The S&P 500 is up about 18% through Aug. 30 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 several health care stocks with unique catalysts, along with a high-growth real estate services company. 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 Aug. 30 |
| Dyne Therapeutics Inc. (ticker: DYN) | 246.5% |
| Harrow Inc. (HROW) | 261.2% |
| Adma Biologics Inc. (ADMA) | 282.9% |
| Real Brokerage Inc. (REAX) | 289.3% |
| Perspective Therapeutics Inc. (CATX) | 295% |
| Janux Therapeutics Inc. (JANX) | 337.8% |
| AST SpaceMobile Inc. (ASTS) | 381.5% |
| Avidity Biosciences Inc. (RNA) | 386.1% |
| Summit Therapeutics Inc. (SMMT) | 397.3% |
| Longboard Pharmaceuticals Inc. (LBPH) | 498.3% |
10. 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 246.5% in 2024.
9. Harrow Inc. (HROW)
Harrow produces pharmaceutical products used in ophthalmic surgeries, and medications used to treat chronic and acute eye conditions such as dry eye disease, allergies, glaucoma, infections and other ophthalmic inflammatory conditions. The company serves more than 10,000 doctors, hospitals and ambulatory service centers, and has 14 Food and Drug Administration-approved products. In August, Harrow reported record revenues and 46% year-over-year sales growth. The company highlighted particularly strong performances from low-viscosity topical ocular anesthetic Iheezo and dry eye disease treatment Vevye. Harrow shares ripped higher following the report and are now up 261.2% in 2024.
8. Adma Biologics Inc. (ADMA)
Adma Biologics is a commercial biopharmaceutical company that develops specialty plasma-derived products used to treat and prevent infectious diseases in immune-compromised and other patients at risk of infection. Adma has three FDA-approved products: Asceniv and Bivigam for primary humoral immunodeficiency (PI) and Nabi-HB for hepatitis B. The stock jumped in August when Adma reported 78% year-over-year revenue growth in the second quarter and raised its fiscal 2024 and 2025 revenue and net income guidance. Adma also said additional market penetration of Asceniv will generate a “substantial peak revenue opportunity.” The impressive growth numbers have driven Adma shares higher by 282.9% this year.
7. 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 289.3% this year.
6. Perspective Therapeutics Inc. (CATX)
Perspective Therapeutics is a clinical-stage biopharmaceutical company developing drugs to treat different forms of cancer. The company’s radioactive lead alpha emitter is potentially more potent than beta emitting isotopes while exposing patients to lower radiation levels. It’s easy to see why investors are excited about the stock: The company is targeting large end markets, potentially giving it multiple pathways to major revenue sources. In addition, its early clinical data suggests its drugs could be superior to current treatments. Perspective expects readouts from its two clinical programs in the coming months. The stock is up 295% so far in 2024.
5. 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 337.8% this year.
4. 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 August when the company confirmed its first five commercial BlueBird satellites are in Cape Canaveral and their launch is on track for early September. AST SpaceMobile shares are up 381.5% in 2024.
3. 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 386.1% this year.
2. 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 397.3% 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 498.3%.
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2024’s 10 Best-Performing Stocks originally appeared on usnews.com
Update 09/03/24: This story was previously published at an earlier date and has been updated with new information.
