5 Best 52-Week High Stocks To Buy Now

1. Eli Lilly and Company (NYSE:LLY)

Number of Hedge Fund Holders: 87

Eli Lilly and Company (NYSE:LLY) has been performing exceptionally well over the past few months. Currently the company’s diabetes drug Mounjaro is buoying its share price.  Eli Lilly and Company (NYSE:LLY) recently posted better-than-expected revenue for Mounjaro. The drug is also pitched as Eli Lilly and Company (NYSE:LLY)’s possible treatment for weight loss in the future. Jefferies analyst Akash Tewari upgraded Eli Lilly and Company (NYSE:LLY) after the company’s latest quarterly results. As of the end of the second quarter, 87 hedge funds out of the 910 funds tracked by Insider Monkey were long Eli Lilly and Company (NYSE:LLY).

Baron Health Care Fund made the following comment about Eli Lilly and Company (NYSE:LLY) in its second quarter 2023 investor letter:

“Eli Lilly and Company (NYSE:LLY) is a global pharmaceutical company developing and marketing drugs in oncology, diabetes, Alzheimers, immunology, and other diseases. Shares climbed due to continued investor excitement around novel weight loss drugs in the GLP-1 class, including Lilly’s Mounjaro. Given demand that is orders of magnitude more than supply, the full potential of the GLP-1 class of drugs remains unclear, with sales projections eclipsing $100 billion. This number would set a new industry record by a large margin. Drug development in this space is understandably fierce, and as recently as late June, Eli Lilly revealed new data from its diabetes/obesity pipeline assets that will further enhance the value proposition offered to patients. We retain conviction.

In pharmaceuticals, our largest investment continues to be in Eli Lilly and Company. Lilly’s new diabetes drug Mounjaro is on track to be FDA approved for obesity in 2023. At a medical conference in June, Lilly announced Phase 2 clinical data for a next-generation obesity drug called retatrutide, which showed the drug achieved up to 17.5% mean weight loss at 24 weeks in adults with obesity and up to 24.2% mean weight loss at 48 weeks. Lilly also announced Phase 2 clinical data showing its once daily oral drug orforglipron achieved up to 14.7% mean weight loss at 36 weeks in adults with obesity. The results from these pipeline obesity medicines confirmed Lilly’s status as a market leader in the diabetes and obesity category. Also during the quarter, Lilly announced that its drug Donanemab slowed cognitive and functional decline in a Phase 3 study in people with early symptomatic Alzheimer’s disease. We continue to think the company should be able to grow revenue and earnings at attractive rates through the end of the decade and beyond.”

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