Jim Cramer’s 5 New Stock Picks for March 2024

2. Eli Lilly And Co (NYSE:LLY)

Number of Hedge Fund Investors: 102

Jim Cramer has been bullish on Eli Lilly for a long time. Recently, during his program, he said that Eli Lilly could be the first pharma company to hit the $1 trillion market cap.

Baron Health Care Fund stated the following regarding Eli Lilly and Company (NYSE:LLY) in its fourth quarter 2023 investor letter:

“Stock selection was also positive in the sub-industry owing to strong gains from therapeutics-focused pharmaceutical giant Eli Lilly and Company (NYSE:LLY). Lilly’s stock continued to outperform driven by strong sales of blockbuster diabetes medicine Mounjaro and ongoing enthusiasm surrounding the company’s obesity and diabetes franchises, particularly after Novo Nordisk released its SELECT trial results showing a 20% relative risk reduction in overweight patients with cardiovascular disease and no prior history of diabetes.

Eli Lilly and Company is a global pharmaceutical company that discovers, develops, manufactures, and sells medicines in the categories of diabetes, oncology, neuroscience, and immunology, among other areas. Stock performance was strong due to strong third quarter sales of blockbuster diabetes medicine Mounjaro and ongoing enthusiasm surrounding the company’s obesity and diabetes franchises. We continue to think Lilly is well positioned to grow revenue and earnings at attractive rates through the end of the decade and beyond.

We own Eli Lilly and Company, which we believe will remain a leader in the GLP-1 medicine class with Mounjaro, Zepbound, and the company’s deep pipeline of next generation GLP-1 medicines.”