8 Best Stocks to Buy for High Returns in 2024

1. Jazz Pharmaceuticals plc (NASDAQ:JAZZ)

Average Analyst Upside: 57.71%

Number of Hedge Fund Holders: 44

Jazz Pharmaceuticals plc (NASDAQ:JAZZ), a biopharmaceutical company, focuses on developing and commercializing treatments in neuroscience and oncology, with involvement in medical marijuana as well.

In Q2 2024, Jazz Pharmaceuticals plc (NASDAQ:JAZZ) reported its highest-ever quarterly revenue, surpassing $1 billion. This record performance was primarily fueled by its key neuroscience drugs, Xywav and Epidiolex/Epidyolex. Xywav, used to treat narcolepsy and idiopathic hypersomnia, saw a 13% year-over-year increase in sales, while Epidiolex, for seizure conditions, grew sales by 22% year-over-year.

RBC Capital Markets raised its price target for Jazz Pharmaceuticals plc (NASDAQ:JAZZ) to $179 from $175, maintaining an Outperform rating. The increase reflects optimism about Jazz’s oncology drug zanidatamab, or “zani,” which is expected to be a significant growth driver. The upcoming PDUFA date of November 29 could also mark a key milestone, as zani seeks approval for second-line HER2-positive biliary tract cancer (BTC).

As of Q2 2024, 44 hedge funds held positions in Jazz Pharmaceuticals plc (NASDAQ:JAZZ), with Vestal Point Capital as the largest shareholder, holding 1.5 million shares valued at over $160 million.

Here’s what Mar Vista Investment Partners, LLC said about Meta Platforms, Inc. (NASDAQ:META) in its Q2 2024 investor letter:

“During the quarter, we established new investments in Broadcom and Meta Platforms, Inc. (NASDAQ:META). We previously divested from Meta during a period of stagnant advertising growth and the company’s initial, significant investment in the metaverse project. At that time, investors appeared complacent to the risks associated to an increasingly competitive landscape, and the Street’s robust financial expectations as the company transitioned towards monetizing short-format video (Reels). The subsequent decline in Meta’s stock price during 2022 reflected these concerns.

While we acknowledge the potential of JAZZ, our conviction lies in the belief that certain AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you’re seeking an AI stock with even more promise than JAZZ and trading at less than 5 times its earnings, check out our report about the cheapest AI stock.

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