The S&P 500’s 2024 rally picked up steam in February as encouraging economic data and surprisingly strong fourth-quarter earnings numbers boosted investor sentiment. After a strong 2023 performance, the S&P 500 has started 2024 up 6.8% through Feb. 29 and has even made its first new all-time highs in two years.
Top 2024 stock market performers include health care stocks with unique catalysts, artificial intelligence stocks and a stock tied to former President Donald Trump. 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 performance through Feb. 29 |
| Ocular Therapeutix Inc. (ticker: OCUL) | 125.5% |
| Immunome Inc. (IMNM) | 126.2% |
| Digital World Acquisition Corp. (DWAC) | 135.2% |
| Nature Wood Group Ltd. (NWGL) | 140.9% |
| Sana Biotechnology Inc. (SANA) | 146.1% |
| Super Micro Computer Inc. (SMCI) | 204.7% |
| Vera Therapeutics Inc. (VERA) | 206.1% |
| SoundHound AI Inc. (SOUN) | 250% |
| Viking Therapeutics Inc. (VKTX) | 314% |
| Janux Therapeutics Inc. (JANX) | 350.9% |
10. Ocular Therapeutix Inc. (OCUL)
Ocular Therapeutix is a biopharmaceutical company focused on developing therapies to treat eye conditions using the company’s Elutyx formulation technology. The company has one commercial drug, Dextenza, that is approved for treating ocular inflammation and pain following ophthalmic surgery and for the treatment of ocular itching associated with allergic conjunctivitis. Ocular’s lead clinical program is OTX-TKI (axitinib intravitreal implant), which is being developed to treat wet age-related macular degeneration and diabetic retinopathy. The stock rallied about 34% in late February after Ocular announced a $325 million private placement deal, and it’s now up 125.5% this year through Feb. 29.
Immunome is a biopharmaceutical company that uses its proprietary human memory B cell platform to develop antibody therapies. The stock got a huge boost in early February when Immunome announced plans to acquire desmoid tumor treatment candidate AL102 from Ayala Pharmaceuticals for $50 million. AL102 is a potential daily oral treatment for desmoid tumors that is currently in late-stage clinical trials and has demonstrated efficacy suggesting potential to supplant Ogsiveo as the most effective desmoid tumor treatment on the market. Investors are betting big on AL102, and Immunome’s stock is up 126.2% year to date.
8. Digital World Acquisition Corp. (DWAC)
Digital World Acquisition is a special-purpose acquisition company, or SPAC, that is planning to take former President Donald Trump’s social media company, Trump Media & Technology Group, public. Investors seemingly saw Trump’s victories in the early Republican primaries as good news for Trump’s business and its SPAC. Trump is positioned to be the Republican nominee for president in the 2024 election year, which means plenty of social media engagement. At this point, it’s too early to predict if Trump will win in November, but Digital World shares are already up 135.2% this year on Trump’s political momentum.
7. Nature Wood Group Ltd. (NWGL)
Nature Wood is a global, vertically integrated forestry company headquartered in China. The company’s businesses include upstream forest management, harvesting, and downstream wood processing and distribution. It is also exploring opportunities in the carbon credit market. The company went public in September 2023 at an initial public offering price of $9 per share, but the stock has more than doubled since then. It’s not clear why Nature Wood is rallying so strongly given it recently reported revenue dropped 54% and the company generated a net loss in 2023. Given those lackluster fundamentals, Nature Wood’s 140.9% year-to-date gain may not last for long.
6. Sana Biotechnology Inc. (SANA)
Sana Biotechnology is a gene-editing company that creates engineered cells as medicine for patients. The company and the stock have had plenty of positive momentum in the past year. Sana has secured three investigational new drug application clearances from the U.S. Food and Drug Administration since the beginning of 2023. The company has gained clearances for SC291 in treating patients with B-cell malignancies and autoimmune diseases and clearance for SC262 to treat patients with relapsed or refractory B-cell malignancies. Investors understandably see the clearances as a positive sign, and the stock is up 146.1% year to date.
5. 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 has 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 955% since the beginning of 2023 and 204.7% already in 2024.
4. Vera Therapeutics Inc. (VERA)
Vera Therapeutics is a clinical-stage biotechnology company developing treatments for immunological diseases. Vera’s lead product candidate is atacicept, which it is testing for treatment of lupus nephritis and IgA nephropathy. In January, Vera announced the addition of industry veterans Robert Brenner and William Turner, who will join Vera as the company’s new chief medical officer and chief development officer, respectively. The same day the executive additions were announced, Cantor Fitzgerald initiated coverage of Vera with an “overweight” rating. The positive headlines and atacicept optimism have been enough to send Vera’s stock soaring 206.1% year to date.
3. SoundHound AI Inc. (SOUN)
SoundHound AI is a conversational intelligence technology company that provides voice AI products to business customers to automate customer service. The company has reported impressive growth numbers in recent quarters, and the stock has certainly gotten swept up in the Wall Street AI technology craze. Enthusiasm for SoundHound AI increased to a new level in late February when a regulatory filing by AI chipmaker Nvidia Corp. (NVDA) revealed the nearly $2 trillion company has an investment stake in SoundHound AI. Investors see Nvidia’s investment as a major vote of confidence, and SoundHound’s stock is up 250% year to date.
2. 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 314% year to date.
1. 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. Following the news, Wedbush reiterated its “outperform” rating for Janux and more than doubled its price target from $24 to $53. Janux shares are now up 350.9% year to date.
