10 Best Performing NASDAQ Stocks in 2024

6. Insmed Inc. (NASDAQ:INSM)

Year-to-Date Performance as of October 2: 135.17%

Number of Hedge Fund Holders: 74

Insmed Inc. (NASDAQ:INSM) is an international biopharmaceutical company that develops and commercializes therapies for patients with serious and rare diseases. With a focus on unmet medical needs and patient-centric innovation, it is committed to improving the lives of patients with these diseases.

Its lead product, ARIKAYCE (amikacin liposome inhalation suspension), is approved for the treatment of nontuberculous mycobacterial (NTM) lung disease, specifically for patients with refractory MAC lung disease. Insmed Inc. (NASDAQ:INSM) reported year-over-year revenue growth of 16.98% in Q2 2024, primarily driven by the sales of ARIKAYCE.

The company is currently conducting a Phase 2 study of TPIP in patients with pulmonary arterial hypertension (PAH), which is progressing well with over 75% of target enrollment completed, and topline results are expected in the second half of 2025.

In this study, 79.3% of patients reached the maximum dose of 640 µg by Week 5, revealing an unexpectedly positive and robust signal on the exploratory endpoint of clinical worsening. Encouraging blinded data from the first 40 patients demonstrated a combined mean pulmonary vascular resistance (PVR) reduction of 19.9% and a 6-minute walk distance improvement of 43 meters in both the active treatment and placebo arms.

Additionally, the company is advancing the development of brensocatib for bronchiectasis and other neutrophil-mediated diseases, with topline data from the Phase 3 ASPEN Trial expected to be available in the latter part of the second quarter of 2024.

The second quarter of 2024 was particularly significant for Insmed Inc. (NASDAQ:INSM), as management announced the company’s transition to a mid-cap biotechnology company in this period. This confidence in the company’s strategic direction and its ability to address unmet medical needs makes it a compelling investment opportunity in the biopharmaceutical sector.

Columbia Acorn Fund stated the following regarding Insmed Incorporated (NASDAQ:INSM) in its Q2 2024 investor letter:

“Insmed Incorporated (NASDAQ:INSM) is a commercial-stage biopharmaceutical company focused primarily on treatments for pulmonary disease. The stock meaningfully outperformed during the quarter following positive Phase III data for its Brensocatib (Brenso) drug in treating non -cystic fibrosis bronchiectasis (NCFB). While the stock has roughly doubled since the beginning of the year, we are maintaining the overweight position as Brenso could be a potential game changer for the company, given a multi-billion-dollar total addressable market and no other approved NCFB therapies on the market.”