The S&P 500’s 2024 rally continued in September as the Federal Reserve finally made its pivot to interest rate cuts. The S&P 500 is up about 20% this year. Investors are hoping the Fed has nailed a soft landing for the economy and additional rate cuts will boost earnings growth.
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Top 2024 stock market performers include several health care stocks with unique catalysts, as well as a satellite-based mobile broadband 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 Sept. 30 |
| NuScale Power Corp. (ticker: SMR) | 251.9% |
| Lumen Technologies Inc. (LUMN) | 287.9% |
| Harrow Inc. (HROW) | 301.4% |
| Janux Therapeutics Inc. (JANX) | 323.3% |
| AST SpaceMobile Inc. (ASTS) | 333.6% |
| Adma Biologics Inc. (ADMA) | 342.2% |
| Avidity Biosciences Inc. (RNA) | 407.5% |
| Longboard Pharmaceuticals Inc. (LBPH) | 452.7% |
| Summit Therapeutics Inc. (SMMT) | 739.1% |
| GeneDX Holdings Corp. (WGS) | 1,443.2% |
10. NuScale Power Corp. (SMR)
NuScale designs and markets small modular reactors (SMRs) used to generate nuclear energy. One of NuScale’s biggest catalysts of 2024 has been an announcement by the Department of Energy that it will be investing $900 million in funding from President Joe 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. The stock is up 251.9% this year.
9. Lumen Technologies Inc. (LUMN)
Lumen Technologies is a U.S. telecommunication company that changed its name from CenturyLink in 2020. After years of awful performance, Lumen shares ripped higher in August when the company announced $5 billion in new business deals tied to artificial intelligence connectivity demand. The company also said it’s in the process of securing an additional $7 billion in sales opportunities tied to booming AI-related customer demand. Lumen shares are down 43% overall in the past five years. Nevertheless, AI has reignited Lumen, and the stock is one of the top performers of 2024 with a gain of 287.9%.
8. 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 and infections. The company serves more than 10,000 doctors, hospitals and ambulatory service centers. Harrow has 14 FDA-approved products. In August, Harrow reported record revenues and 46% sales growth from a year ago. The company highlighted particularly strong performances from topical ocular anesthetic Iheezo and dry eye disease treatment Vevye. Harrow shares ripped higher following the report and are now up 301.4% in 2024.
7. 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 323.3%.
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 August when the company confirmed its first five commercial BlueBird satellites were in Cape Canaveral. Those satellites successfully launched in early September. AST SpaceMobile shares are up 333.6%.
5. 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 342.2%.
4. 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 407.5%.
3. 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 452.7%.
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 in September when the company reported positive lung cancer trial data suggesting ivonescimab could potentially challenge 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. Positive ivonescimab news has sent Summit shares soaring 739.1%.
1. GeneDX Holdings Corp. (WGS)
GeneDX makes industry-leading exome and genome tests that help analyze complex genomic data and improve health system efficiencies, accelerate drug discovery and translate genetic data into diagnoses. The stock jumped in April when GeneDX reported 77% year-over-year growth in exome and genome test revenue and raised its full-year sales growth guidance. GeneDX also said it is on track to become profitable for the first time in 2025. After years of abysmal performance culminating with a 1-for-33 reverse stock split in May 2023, investors seem to finally be on board with GeneDX. The stock is up 1,443.2%.
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2024’s 10 Best-Performing Stocks originally appeared on usnews.com
Update 10/01/24: This story was previously published at an earlier date and has been updated with new information.
