10 Best Cancer Stocks To Buy Now

3. Eli Lilly and Company (NYSE:LLY)

Hedge Fund Holdings: 100 

Eli Lilly and Company (NYSE:LLY) has become a strong player in the oncology market with a diverse portfolio of cancer treatments, combining traditional drugs with advanced biotechnology. Eli Lilly’s $8 billion acquisition of Loxo Oncology in 2019 significantly enhanced its cancer portfolio with promising candidates like LOXO-292, a first-in-class RET inhibitor for certain lung and thyroid cancers, and LOXO-305, an oral BTK inhibitor targeting B-cell leukemias and lymphomas. These additions are poised to boost Lilly’s future revenue and market share in oncology.

Eli Lilly and Company (NYSE:LLY)’s growing oncology portfolio, bolstered by the $1.4 billion acquisition of Point Biopharma, strengthens its position in radioligand therapies for targeted cancer treatments. Additionally, the success of Lilly’s diabetes drug Mounjaro (tirzepatide) in treating obesity could lead to expanded uses and significant revenue growth.

In Q2 2024, Eli Lilly and Company (NYSE:LLY) reported strong financial results with $9.5 billion in revenue, a 28% year-over-year increase, and a 96% rise in EPS to $2.11. This growth was fueled by Mounjaro and Zepbound, which generated $2.9 billion in sales. Lilly’s gross margin improved to 78%, and operating cash flow reached $2.3 billion. With the global GLP-1 agonist market projected to hit $50 billion, Lilly’s products are well-positioned to capture a significant share. Additionally, Lilly’s oncology pipeline and the FDA approval of donanemab for Alzheimer’s offer future growth opportunities.

In Q2 2024, there were 100 hedge fund holders in the company with Fisher Asset Management being the largest fund with 4,888,710 worth $4,426,141,743. The stock holds a Strong Buy rating based on 19 Wall Street analysts. The average price target is $1,042.24, with a high of $1,150.00 and a low of $856.00, representing a 10.08% increase from the last price of $946.80.