These 3 Stocks Will Soar in 2024

No person knows for sure what the future will hold for stocks in the new year. However, it can be fun to attempt to predict what might happen.

Three Fool.com contributors have done just that. Here’s why they think that Axsome Therapeutics (NASDAQ: AXSM), Novo Nordisk (NYSE: NVO), and Vertex Pharmaceuticals (NASDAQ: VRTX) will soar in 2024.

A potential breakout year for this biotech

Prosper Junior Bakiny (Axsome Therapeutics): The past two years have been transformative for Axsome Therapeutics. The company finally became a commercial-stage biotech by marketing two therapies, from which it is generating some sales. That was an important milestone, but Axsome’s revenue remains modest while it is still chronically unprofitable.

The biotech failed to keep up with the broader market in 2023, but 2024 could be very different. Axsome’s late-stage pipeline includes several programs that could land brand-new approvals or, at the very least, important clinical trial results. Let’s consider two examples.

First, there is the company’s approved depression medicine, Auvelity. It is currently being investigated as a potential therapy for Alzheimer’s disease (AD) agitation (or aggressive and restless symptoms). The biotech should complete a second phase 3 study for Auvelity along these lines in the first half of next year. Note: Auvelity did ace the first clinical trial in treating AD agitation, so things are looking pretty good.

Then there is AXS-07, a potential migraine therapy. This medicine failed to earn approval once — but entirely because of manufacturing issues. Axsome is planning to resubmit an application to regulatory authorities next year. With some luck, an approval could come down too.

Several more clinical and regulatory catalysts could send Axsome’s shares soaring next year, and by the end of 2024, the company’s lineup could look different. That’s why the company could be in for a great 12 months.

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More importantly, Axsome Therapeutics’ pipeline should…