10 Best Performing Biotech Stocks in 2024

2. Insmed Incorporated (NASDAQ:INSM)

Total YTD Return: 135.27% 

Insmed Incorporated (NASDAQ:INSM) is a biopharmaceutical company focused on innovative therapies for serious and rare diseases, particularly pulmonary and inflammatory conditions. Its key product, ARIKAYCE, treats NTM lung infections caused by Mycobacterium avium complex in adults. The company is also developing pipeline products like brensocatib for non-cystic fibrosis bronchiectasis and treprostinil prodrug for pulmonary arterial hypertension and interstitial lung diseases.

In the third quarter, Insmed Incorporated (NASDAQ:INSM) announced total revenues of $93.4 million, which is an 18% year-over-year growth. Arikayce, its marketed medication, showed a surge in demand in every region, which was the main driver of this expansion. The business reported a net loss of $220.5 million, or $1.27 per share, which was more than the $158.9 million ($1.11 per share) loss from the prior year. Compared to the same time the previous year, selling, general, and administrative (SG&A) expenses climbed by 31% to $118.9 million, while research and development (R&D) spending jumped by 38% to $150.8 million.

Insmed Incorporated (NASDAQ:INSM) intends to file a New Drug Application (NDA) with the FDA in Q4 2024 in anticipation of the possible mid-2025 launch of Brensocatib. According to the Insider Monkey database, 67 hedge fund investors owned shares in the firm as of Q3 2024. Darwin Global Management was the stock’s biggest shareholder.

Street analysts hold a consensus Strong Buy rating on Insmed Incorporated (NASDAQ:INSM), which makes it one of the best performing biotech stocks in 2024.