In this article, we discuss 5 best performing non-energy stocks of 2022. If you want to see more stocks in this selection, click 10 Best-Performing Non-Energy Stocks of 2022.
5. Alpha Metallurgical Resources, Inc. (NYSE:AMR)
Number of Hedge Fund Holders: 25
YTD Share Price Gain as of September 16: 122.6%
Alpha Metallurgical Resources, Inc. (NYSE:AMR) is a Tennessee-based mining company that produces and sells met and thermal coal in Virginia and West Virginia. On August 8, Alpha Metallurgical Resources, Inc. (NYSE:AMR) declared a $0.392 per share quarterly dividend, a 4.5% increase from its prior dividend of $0.375. The dividend is payable on October 3, to shareholders of record as of September 15. The stock registered a YTD share price gain of 122.6% on September 16, which merits its inclusion on our list of the best-performing non-energy stocks of 2022.
On September 15, Cowen analyst Lance Vitanza raised the price target on Alpha Metallurgical Resources, Inc. (NYSE:AMR) to $225 from $191 and reiterated an Outperform rating on the shares. The analyst said his target increase is due to an improved met coal price deck and observed that the discount between Alpha Metallurgical Resources, Inc. (NYSE:AMR) shares and their intrinsic value has risen significantly.
According to Insider Monkey’s data, Alpha Metallurgical Resources, Inc. (NYSE:AMR) was part of 25 hedge fund portfolios at the end of Q2 2022, compared to 30 funds in the last quarter. Jim Simons’ Renaissance Technologies is the leading stakeholder of the company, with 872,215 shares worth $112.6 million.
4. Global Blood Therapeutics, Inc. (NASDAQ:GBT)
Number of Hedge Fund Holders: 29
YTD Share Price Gain as of September 16: 131.60%
Global Blood Therapeutics, Inc. (NASDAQ:GBT) is a California-based biopharmaceutical company that works on treatments for underserved patient communities with sickle cell disease. On August 8, Pfizer Inc. (NYSE:PFE) announced that it agreed to buy Global Blood Therapeutics, Inc. (NASDAQ:GBT), valuing the company at $5.4 billion, which translates to $68.50 per share in cash. Global Blood Therapeutics, Inc. (NASDAQ:GBT) stock has skyrocketed about 132% year to date as of September 16, making it one of the best-performing non-energy plays of 2022.
On August 9, Wells Fargo analyst Jim Birchenough downgraded Global Blood Therapeutics, Inc. (NASDAQ:GBT) to Equal Weight from Overweight with a price target of $68.50, up from $66. The analyst cited Pfizer’s announcement for the downgrade.
Among the hedge funds tracked by Insider Monkey, 29 hedge funds were bullish on Global Blood Therapeutics, Inc. (NASDAQ:GBT) at the end of Q2 2022, with combined stakes worth $720.3 million, compared to 28 funds in the prior quarter worth about $698 million. Julian Baker and Felix Baker’s Baker Bros. Advisors is the biggest position holder in the company, with 3.7 million shares worth $119.25 million.
3. Veru Inc. (NASDAQ:VERU)
Number of Hedge Fund Holders: 13
YTD Share Price Gain as of September 16: 157.40%
Veru Inc. (NASDAQ:VERU) is a Florida-based oncology biopharmaceutical company, focused on developing medication for the management of cancers. Oppenheimer analyst Leland Gershell said on September 8 that although sabizabulin being discussed at an FDA Advisory Committee meeting came as a surprise and extends the start of US sales to at least October, his conviction for Emergency Use Authorization remains unchanged. With increased market skepticism around sabizabulin’s short-term regulatory pressures, the stock has plunged 21% and the analyst recommends taking advantage of current levels. He has an Outperform rating and a price target of $36 on the shares, reiterating Veru Inc. (NASDAQ:VERU) as a top pick. The stock has soared more than 157% YTD as of September 16, making it one of the best-performing non-energy stocks of 2022.
According to the second quarter database of Insider Monkey, 13 hedge funds were long Veru Inc. (NASDAQ:VERU) with combined stakes worth $200.8 million, compared to 9 funds in the last quarter worth $26.2 million. Peter Kolchinsky’s RA Capital Management is the largest shareholder of the company, with 7.90 million shares valued at $89 million.
2. Lantheus Holdings, Inc. (NASDAQ:LNTH)
Number of Hedge Fund Holders: 39
YTD Share Price Gain as of September 16: 187.5%
Lantheus Holdings, Inc. (NASDAQ:LNTH) is a Massachusetts-based company that manufactures and commercializes diagnostic and therapeutic products used in the diagnosis and treatment of heart, cancer, and other diseases worldwide. On August 4, the company posted a Q2 non-GAAP EPS of $0.89 and a revenue of $223.72 million, outperforming Street forecasts by $0.19 and $19.21 million, respectively. The revenue surged 121.4% on a year over year basis. Lantheus Holdings, Inc. (NASDAQ:LNTH) stock has skyrocketed about 187.5% YTD as of September 16, making it one of the best-performing stocks of 2022.
The company reported that it has net cash from operating activities of $72.6 million for the second quarter 2022 and free cash flow was $68.3 million. Lantheus Holdings, Inc. (NASDAQ:LNTH) also raised its full year guidance for 2022.
According to Insider Monkey’s data, 39 hedge funds were long Lantheus Holdings, Inc. (NASDAQ:LNTH) at the end of the second quarter of 2022, compared to 35 funds in the prior quarter. Israel Englander’s Millennium Management is the biggest position holder in the company, with 1.8 million shares worth $120.3 million.
Here is what Clearbridge Investments Small Cap Strategy has to say about Lantheus Holdings, Inc. (NASDAQ:LNTH) in its Q1 2022 investor letter:
“While companies with immature business models and no profits exist throughout the market, there are certain sectors where they congregate more easily, such as health care. As access to cheap capital recedes, however, many of these specialty drug and biotech companies will likely find it challenging to dismiss long periods of unprofitability. While we have had limited exposure in the sector, our focus on finding high-quality companies at attractive valuations has yielded positive results. For example, Lantheus Holdings (NASDAQ:LNTH) is a global leader in medical diagnostic imaging whose core business suffered during the COVID-19 pandemic due to a dramatic decline in hospital visits. As hospitals return to a level of normalcy, Lantheus’s core business has rebounded. Additionally, in late 2021 the company received approval for its new radio-pharmacological drug, Pylarify, for the treatment of prostate cancer, and initial sales have been well ahead of expectations. We believe it has a strong future in oncology diagnosis and treatment. As a result, Lantheus was our strongest individual performer for the first quarter.”
1. Belite Bio, Inc (NASDAQ:BLTE)
Number of Hedge Fund Holders: 1
YTD Share Price Gain as of September 16: 266.48%
Belite Bio, Inc (NASDAQ:BLTE) is a California-based clinical-stage biopharmaceutical drug development company that specializes in treatments for atrophic age-related macular degeneration and autosomal recessive stargardt diseases. The stock has gained more than 266% year to date as of September 16, making it one of the best-performing non-energy stocks of 2022.
On September 16, Belite Bio, Inc (NASDAQ:BLTE) announced that it had received approval from the National Medical Products Administration of China to start the Phase 3 trial of its drug, LBS-008, in adolescents with a rare type of eye disease called Stargardt disease STGD1. To evaluate the safety and efficiency of LBS-008 in adolescent subjects, Phase 3 trials had begun already in the United States, the United Kingdom, Germany, Belgium, Switzerland, Hong Kong, Taiwan, and Australia, with multiple patients already enrolled.
H.C. Wainwright analyst Yi Chen on August 1 initiated coverage of Belite Bio, Inc (NASDAQ:BLTE) with a Buy rating and a $58 price target. The analyst noted the company has a unique approach for a rare juvenile-onset retinal disorder.
You can also take a look at 12 Best Medical Device Stocks To Buy Now and 10 Best Media Stocks To Buy.
