10 Best-Performing Stocks in 2024

The S&P 500's rally in 2024 persisted through October, driven by investor optimism surrounding economic growth and anticipated interest rate cuts from the Federal Reserve. The index has risen over 19% year-to-date through the first ten months. Here are the 10 best-performing stocks of 2024 from companies listed on major U.S. exchanges, each with a market capitalization of at least $1 billion.

1. GeneDX Holdings Corp. (WGS)

GeneDX leads in exome and genome testing, helping to analyze complex genomic data to enhance healthcare efficiency and expedite drug discovery. The stock saw a notable increase in April after GeneDX announced a 77% year-over-year rise in test revenue and upgraded its sales growth forecast. A subsequent earnings beat and further guidance raise in late October propelled the stock to new heights. After struggling for years, including a 1-for-33 reverse stock split in May 2023, GeneDX has finally captured investor interest. It boasts a remarkable 2,870.5% increase year to date, making it the top-performing stock among U.S.-listed companies valued at over $1 billion.

2. Sezzle Inc. (SEZL)

Sezzle is a fintech company specializing in buy now, pay later (BNPL) solutions, offering short-term installment loans that enable consumers to spread out payments without interest. With 307,000 active subscribers and 2.6 million consumers engaging with the platform over the past year, Sezzle has shown significant financial growth. In the latest quarter, the company reported a 38.9% increase in underlying merchant sales and $29.7 million in net income. The stock has gained 946.1% year to date.

3. Longboard Pharmaceuticals Inc. (LBPH)

Longboard Pharmaceuticals is a clinical-stage biopharmaceutical company that develops therapies for neurological disorders. Its lead candidate, bexicaserin (LP352), is an oral 5-HT2C superagonist aimed at treating seizures linked to developmental and epileptic encephalopathies (DEEs), including conditions like Dravet syndrome and Lennox-Gastaut syndrome. Longboard was already among the top performers of 2024 before Lundbeck announced a $2.6 billion buyout of the company in October. Following the news of the $60-per-share deal, Longboard's shares surged by 890.3% year to date.

4. Summit Therapeutics Inc. (SMMT)

Summit Therapeutics is a biopharmaceutical firm focused on developing treatments for infectious diseases. Its impressive gains in 2024 are largely attributed to SMT112, also known as ivonescimab, which is in late-stage clinical trials for metastatic non-small cell lung cancer. The stock surged in September after the company announced positive trial results, indicating that ivonescimab could potentially compete with Merck & Co. Inc.'s (MRK) leading cancer drug, Keytruda. Merck reported $7.4 billion in Keytruda sales for the third quarter, a 17% increase from last year. As a result of the favorable news surrounding ivonescimab, Summit's shares have skyrocketed by 612.2% year to date.

5. Root Inc. (ROOT)

Root is an insurance technology platform that leverages data science and innovation to offer personalized insurance solutions. Operating in 34 U.S. states, its app has gathered over 29 billion miles of driving data, enhancing its auto insurance offerings. Root's impressive rally in 2024 began in February when the company announced record revenue and a significant decrease in net losses. The stock surged 69% on October 31 after the company reported strong third-quarter results, including its first-ever quarterly profit. Year to date, Root's stock has risen by 552.5%.

6. NuScale Power Corp. (SMR)

NuScale specializes in designing and marketing small modular reactors (SMRs) for nuclear energy generation. A major driver of its 2024 success has been the Department of Energy's announcement of a $900 million investment, part of President Biden's Bipartisan Infrastructure Law, to support the initial U.S. deployments of Generation III+ SMR technologies. Additionally, the momentum in nuclear energy stocks has been bolstered by significant investments from major tech companies like Microsoft Corp. (MSFT), Amazon.com Inc. (AMZN), and Alphabet Inc. (GOOG, GOOGL) in nuclear projects to power their extensive data centers. Year to date, NuScale's shares have surged by 481.7%.

7. Janux Therapeutics Inc. (JANX)

Janux Therapeutics is a clinical-stage biotechnology firm focused on developing immunotherapies that elicit tumor-specific immune responses, effectively attacking tumors while sparing healthy tissue. The stock saw a significant surge in late February after the company announced promising safety and efficacy results from ongoing trials of JANX007 for metastatic castration-resistant prostate cancer and JANX008 for late-stage solid tumors. Janux asserts that JANX007 may have a best-in-class efficacy and safety profile. The company has also been the focus of buyout rumors, which could lead to further stock price increases. Year to date, Janux shares have risen by 403.1%.

8. Carvana Co. (CVNA)

Carvana is an online platform for buying used cars, offering home delivery directly to customers. Remarkably, after finishing 2023 as one of the top 10 performing stocks, Carvana is on track to achieve that distinction once again in 2024. The stock jumped nearly 20% on October 31 following the company’s announcement of $148 million in net income and a 32% increase in revenue for the third quarter. While net income was down significantly compared to last year, it exceeded analyst expectations. After skyrocketing over 1,000% in 2023, Carvana's impressive 367.1% gain in 2024 is still noteworthy.

9. Avidity Biosciences Inc. (RNA)

Avidity Biosciences leverages its proprietary Antibody Oligonucleotide Conjugates (AOC) platform to develop RNA therapeutics that blend the tissue selectivity of monoclonal antibodies (mAbs) with the precision of oligonucleotide-based treatments, enabling more effective targeting of the genetic causes of diseases. The company is advancing three clinical programs: AOC-1001 for myotonic dystrophy type 1 (DM1), AOC-1044 for Duchenne muscular dystrophy (DMD), and AOC-1020 for facioscapulohumeral muscular dystrophy (FSHD). The stock experienced a significant jump in June after Avidity announced that AOC-1020 showed "unprecedented efficacy" in mid-phase clinical trials, significantly reducing DUX4-regulated genes.

10. Clover Health Investments Corp. (CLOV)

Clover Health Investments is a data-driven health insurance provider that utilizes its proprietary Clover Assistant software to aggregate patient information across the healthcare system, enhancing health outcomes and aiding clinical decision-making. In September, Clover's Counterpart Health subsidiary secured a multiyear partnership with The Iowa Clinic to implement Counterpart's AI-powered physician enablement platform. The stock gained traction in early October, bolstered by the announcement that the Centers for Medicare and Medicaid Services increased the star rating of Clover's PPO Medicare Advantage plans to four stars for 2025. Year to date, Clover's stock has surged by 332.7%.

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Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice.