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15 Top Performing European Stocks So Far in 2024

In this piece, we will take a look at the 15 top performing European stocks so far in 2024. If you want to skip our overview of the European economy and the stock climate, then you can skip ahead to 5 Top Performing European Stocks So Far in 2024.

Over the course of the past couple of years, the claim of American exceptionalism — the theory that the United States is a one of a kind country in the world — has gained traction. This is because ever since the coronavirus pandemic disrupted the global way of life, the world’s economy has been in a constant state of turmoil. This turmoil came to a head in 2022 in the aftermath of the Russian invasion of Ukraine which came at a time when central banks worldwide were raising interest rates to battle inflation.

Back then, most analysts and pundits believed that all major economies in the world would undergo a recession. However, while this appeared to be coming true for European economies, the U.S. nevertheless remained resilient. This is true until today, as while America’s economy grew in the fourth quarter of 2023, Europe is continuing to falter.

The continent, and European stock woes, are evident when we take a look at Europe’s biggest economy Germany. The latest bit of trouble in the European export powerhouse relates to the German real estate sector. Real estate stocks all over the world have struggled in the wake of high interest rates since not only do large developers require substantial capital to build new projects, but the demand of their products is also dependent on bank financing. Fresh data from the VDP banking association shows that German commercial property prices tanked by a painful 12.1% in the fourth quarter of 2023 to mark an accelerated drop over the full year’s 10.2% drop. Overall, the German economy shrank by 0.3% sequentially during the fourth quarter, and overall, the economy shrank by a similar amount despite the fact that it managed to avoid a technical recession during the fourth quarter.

So, how does this poor economic performance translate into stock market performance? Well, investors on the other side of the pond, i.e. the United Kingdom, are waiting for comments from the Bank of England. Interest rates in the U.K. are among the highest in the developing world, and since inflation in Britain has been particularly tough to stamp out, the BoE is expected to keep rates fixed at current levels until it’s certain that prices are starting to come down. Consequently, the flagship FTSE 100 index is down by 1.78% year to date while the mid cap FTSE 250 is also down by a similar 1.71%.

Just like the economy is slow in both the U.K. and Germany, this is also the case for the broader Eurozone. The Eurozone economy remained flat in the fourth quarter, a dismal performance that nevertheless beat even more pessimistic analyst expectations of a 0.1% contraction. Compare the 2023 0.5% growth for the Eurozone with the chest thumping 2.5% growth of the American economy to understand why the mantra of American Exceptionalism is making its way around Wall Street and global financial capitals once again.

Yet, even though Europe is struggling, it is still one of the most prosperous regions in the world. Subsequently, European stocks are also among those that make the most money. For instance, as part of our coverage of 12 Most Profitable European Stocks we discovered that the top three most profitable European stocks were UBS Group AG (NYSE:UBS), Shell plc (NYSE:SHEL), and HSBC Holdings plc (NYSE:HSBC). The three firms, which had cumulatively raked in roughly $87 billion in profits during their four latest quarters as of December 2023, also paint a near accurate picture of the European economy. They include oil and gas giants established during the continent’s colonial era, as well as financial firms from global hubs London and Switzerland.

With this context in mind, if you’re wondering which are the top performing European stocks so far, read below to find out. Some top names are Nyxoah S.A. (NASDAQ:NYXH), ADC Therapeutics SA (NYSE:ADCT), and Selina Hospitality PLC (NASDAQ:SLNA).

25 Safest Cities in Europe to Visit In 2024

Our Methodology

To make our list of the best performing European stocks, we ranked European stocks that trade on the NYSE and NASDAQ by their year to date share price performance and picked those with the highest gains.

For these top European stocks, we used hedge fund sentiment. Hedge funds’ top 10 consensus stock picks outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). That’s why we pay very close attention to this often-ignored indicator.

Top Performing European Stocks So Far in 2024

15. WISeKey International Holding AG (NASDAQ:WKEY)

Year to Date Share Price Gains: 42.11%

WISeKey International Holding AG (NASDAQ:WKEY) is a Swiss semiconductor company whose products primarily deal with security and identity management. The firm made a big announcement in February 2024 when it revealed that it would launch satellites later in the year for its connectivity platform.

Just two out of the 910 hedge funds tracked by Insider Monkey had bought WISeKey International Holding AG (NASDAQ:WKEY)’s shares during last year’s third quarter. It joins ADC Therapeutics SA (NYSE:ADCT), Nyxoah S.A. (NASDAQ:NYXH), and Selina Hospitality PLC (NASDAQ:SLNA) in our list of the top performing European stocks in 2024.

14. Merus N.V. (NASDAQ:MRUS)

Year to Date Share Price Gains: 44.74%

Merus N.V. (NASDAQ:MRUS) is a biotechnology company headquartered in the Netherlands. It develops treatments for breast cancer, prostate cancer, tumors, and other ailments. Not only is it one of the best performing European stocks in 2024, the shares are also rated Strong Buy on average, and they have an average share price target of $44.64.

After digging through 910 hedge fund holdings for 2023’s third quarter, Insider Monkey discovered that 31 were Merus N.V. (NASDAQ:MRUS)’s shareholders. Egen Atkinson and Michael Kramarz’s Commodore Capital owned the biggest stake among these which was worth $104 million.

13. Codere Online Luxembourg, S.A. (NASDAQ:CDRO)

Year to Date Share Price Gains: 45.90%

Codere Online Luxembourg, S.A. (NASDAQ:CDRO) provides digital gambling and betting products to users in several continents. It’s been relatively quiet for the stock lately, with the only relevant news being its third quarter results issued in November 2023 that saw Codere Online Luxembourg, S.A. (NASDAQ:CDRO) post double digit revenue growth.

Insider Monkey dug around 910 hedge fund holdings for 2023’s third quarter and found that four had bought the firm’s shares. Codere Online Luxembourg, S.A. (NASDAQ:CDRO)’s largest hedge fund shareholder is Israel Englander’s Millennium Management due to its $767,764 investment.

12. Brera Holdings PLC (NASDAQ:BREA)

Year to Date Share Price Gains: 55.07%

Brera Holdings PLC (NASDAQ:BREA) is an Irish firm known for operating the football club Brera FC. 2024 is shaping up to be a crucial year for the firm as it has bought a 25% stake in one of the world’s most well known soccer clubs, Manchester United, to grow its global brand recognition.

11. Addex Therapeutics Ltd (NASDAQ:ADXN)

Year to Date Share Price Gains: 61.9%

Addex Therapeutics Ltd (NASDAQ:ADXN) is a Swiss healthcare company developing treatments for patients with nervous system ailments. While it’s been quiet on the financial front as of late, November 2023 was a crucial month for the firm as it managed to regain compliance with NASDAQ rules.

By the end of 2023’s third quarter, just one out of the 910 hedge funds profiled by Insider Monkey had bought Addex Therapeutics Ltd (NASDAQ:ADXN)’s shares. This lone investor was Steven Boyd’s Armistice Capital as it owned a $206,369 stake.

10. Adaptimmune Therapeutics plc (NASDAQ:ADAP)

Year to Date Share Price Gains: 69.33%

Adaptimmune Therapeutics plc (NASDAQ:ADAP) is yet another biotechnology company. It develops treatments for cancer. The shares are rated Buy on average, and the average analyst share price target is $3.60.

As of Q3 2023 end, 13 out of the 910 hedge funds covered by Insider Monkey’s database were the firm’s investors. Adaptimmune Therapeutics plc (NASDAQ:ADAP)’s largest hedge fund shareholder is David Goel and Paul Ferri’s Matrix Capital Management through its $30.3 million investment.

9. Mereo BioPharma Group plc (NASDAQ:MREO)

Year to Date Share Price Gains: 73.91%

Mereo BioPharma Group plc (NASDAQ:MREO) continues the presence of biotechnology on our list of the top performing European stocks. It’s also one of the strongest rated stocks as the shares have an average rating of Strong Buy and an average share price target of $5.

During 2023’s September quarter, 16 out of the 910 hedge funds covered by Insider Monkey’s research had bought Mereo BioPharma Group plc (NASDAQ:MREO)’s shares. David Rosen’s Rubric Capital Management owned the biggest stake which was worth $14.9 million.

8. NewAmsterdam Pharma Company N.V. (NASDAQ:NAMS)

Year to Date Share Price Gains: 81.73%

NewAmsterdam Pharma Company N.V. (NASDAQ:NAMS) develops treatments that are aimed at reducing the risk of heart disease. It sought to woo investors in January 2024 by releasing its strategy for 2024 which includes three Phase 3 trials over the next year and a half.

7. Gorilla Technology Group Inc. (NASDAQ:GRRR)

Year to Date Share Price Gains: 82.12%

Gorilla Technology Group Inc. (NASDAQ:GRRR) is a diversified British software company that provides customers with data analytics, security, and other associated products. It scored a big win in February 2024 after signing a major Thailand hospital onto its platform.

Insider Monkey scoured through 910 hedge fund portfolios for last year’s September quarter and found six Gorilla Technology Group Inc. (NASDAQ:GRRR) shareholders.

6. Arm Holdings plc (NASDAQ:ARM)

Year to Date Share Price Gains: 83.26%

Arm Holdings plc (NASDAQ:ARM) is one of the most consequential companies in the world since its semiconductor designs form the backbone of most of the world’s smartphone processors. There’s nowhere but up for its shares in February 2024, as investors continue to digest the results of its latest earnings report that saw Arm Holdings plc (NASDAQ:ARM)’s management hint that it will benefit from an A.I. fueled semiconductor recovery.

During September 2023, 35 out of the 910 hedge funds covered by Insider Monkey’s research had invested in the company. Rajiv Jain’s GQG Partners was the largest Arm Holdings plc (NASDAQ:ARM) shareholder through its $877 million investment.

Arm Holdings plc (NASDAQ:ARM), Nyxoah S.A. (NASDAQ:NYXH), ADC Therapeutics SA (NYSE:ADCT), and Selina Hospitality PLC (NASDAQ:SLNA) are some of the top performing European stocks so far in 2024.

Click here to continue reading and check out 5 Top Performing European Stocks So Far in 2024.

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Disclosure: None. 15 Top Performing European Stocks So Far in 2024 is originally published on Insider Monkey.

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Wall Street is pouring hundreds of billions into artificial intelligence—training smarter chatbots, automating industries, and building the digital future. But there’s one urgent question few are asking:

Where will all of that energy come from?

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The “Toll Booth” Operator of the AI Energy Boom

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A New Dawn is Coming to U.S. Stocks

I work for one of the largest independent financial publishers in the world – representing over 1 million people in 148 countries.

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Should I put my money in Artificial Intelligence?

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Click to continue reading…