The stock market in 2024 has been on a tear, with all three benchmark indexes setting new highs. The S&P 500 and Nasdaq have closed at record highs, driven in part by the surge of Nvidia, a key component of both indexes. While the Dow Jones Industrial Average has lagged behind, it is still up 4% year-to-date. The exuberance in the equity market has given rise to valuation concerns, but experts believe that this could be the new normal, attributing the rally to expanding gross margins and the AI boom.
The top 10 best performing stocks in 2024 so far are all listed on the Nasdaq, except for one. These stocks have seen year-to-date gains ranging from 387% to over 1,100%. Surprisingly, none of these stocks are AI pure plays, leading to a deeper dive into what factors contributed to their outperformance and what catalysts and risks might influence their future performance. Swvl Holdings, a technology-driven transport-as-a-service provider, has seen a nearly 400% increase in its stock price year-to-date after facing several challenges since its IPO in 2022.
Candel Therapeutics, a clinical-stage biopharma focused on developing immunotherapies for cancer, has seen a 400% increase in its stock price after positive data from its lead drug candidate in pancreatic cancer trials. Laird Superfood, an NYSE-listed company founded by Laird Hamilton, has rallied over 400% after posting positive net income and operating cash flows for the first time in its history. Elevation Oncology, developing ADCs for targeted cancer therapy, has seen a 500% increase in its stock price after positive data readouts from its lead clinical programs.
AGBA Group Holding Limited, a Hong Kong-based financial services company, has seen a 542% increase in its stock price after announcing an all-stock merger with social video platform Triller. MediaCo Holding, operating urban radio stations, has rallied 550% following a regulatory filing revealing a sizable stake held by hedge fund Standard General. iPower, an online retailer of consumer products, has seen a more than 600% increase in its stock price after returning to profitability and showing strong growth in its SuperSuite business.
Corbus Pharmaceuticals Holdings, a precision oncology company, has seen a 700% increase in its stock price after positive data from its next-generation antibody drug. GeneDx Holdings, a genomics testing firm, has rallied over 900% after upbeat guidance and strong revenue growth. Fitell, an Australian online retailer of gym equipment, has seen a more than 1,000% rally despite weak financial performance, lack of analyst coverage, and near lack of institutional holdings. These top-performing stocks showcase the varied opportunities and risks present in the market in 2024.
