In this article, we will take a look at the 5 best 52-week high stocks to buy now. To see more such companies, go directly to 13 Best 52-Week High Stocks To Buy Now.
5. Abercrombie & Fitch Co. (NYSE:ANF)
Number of Hedge Fund Holders: 32
Lifestyle retailer Abercrombie & Fitch Co. (NYSE:ANF) is one of the best 52-week high stocks to buy now. Abercrombie & Fitch Co. (NYSE:ANF) has gained about 111% over the past one year. In June, Argus upgraded Abercrombie & Fitch Co. (NYSE:ANF) to Buy from Hold. Argus’s analyst Kristina Ruggeri praised Abercrombie & Fitch Co. (NYSE:ANF)’s transition away from tourist-dependent flagship stores to local customers.
Insider Monkey’s database of 910 hedge funds shows that 32 hedge funds were long Abercrombie & Fitch Co. (NYSE:ANF) as of the end of the second quarter. The biggest stakeholder of Abercrombie & Fitch Co. (NYSE:ANF) was Jack Woodruff’s Candlestick Capital Management which owns a $59 million stake in the company.
4. Cboe Global Markets, Inc. (BATS:CBOE)
Number of Hedge Fund Holders: 36
Trading solutions company Cboe Global Markets, Inc. (NYSE:CBOE) is hovering near its 52-week high as of August 22.
Insider Monkey’s database of 910 hedge funds shows that 36 hedge funds had stakes in Cboe Global Markets, Inc. (NYSE:CBOE) as of the end of the first quarter. The biggest stakeholder of Cboe Global Markets, Inc. (NYSE:CBOE) during this period was Paul Marshall and Ian Wace’s Marshall Wace LLP which owns a $194 million stake in the company.
3. Cameco Corporation (NYSE:CCJ)
Number of Hedge Fund Holders: 54
Cameco Corporation (NYSE:CCJ) ranks 3rd in our list of the best 52-week high stocks to buy now according to hedge funds. Earlier this month Cameco Corporation (NYSE:CCJ) posted Q2 results. Adjusted EPS in the quarter came in at -$0.01 missing estimates by $0.10. Revenue came in at $482 million, surpassing estimates by $129.68 million.
A total of 54 hedge funds in Insider Monkey’s database of 910 hedge funds had stakes in Cameco Corporation (NYSE:CCJ) as of the end of the June quarter. The biggest hedge fund stakeholder of Cameco Corporation (NYSE:CCJ) was Richard Driehaus’s Driehaus Capital which owns a $131 million stake in the company.
Aristotle Global Equity Strategy made the following comment about Cameco Corporation (NYSE:CCJ) in its Q4 2022 investor letter:
“Cameco Corporation (NYSE:CCJ), the world’s largest publicly traded uranium producer, was the largest detractor for the quarter. The company announced a strategic partnership with Brookfield Renewable to acquire Westinghouse Electric Company, one of the world’s largest nuclear services businesses, for a total enterprise value of $7.87 billion. Cameco’s 49% interest in Westinghouse will be funded with cash, equity issuance and debt. While the announcement and resulting equity issuance came as a surprise, our initial impression is positive. Industry consolidation and management’s prior prudence (i.e., net cash balance sheet and shutting production in tough times), we believe, uniquely positioned Cameco to pursue this strategic transaction. We recognize the deal increases Cameco’s financial leverage; however, we believe Westinghouse’s market-leading downstream capabilities will align well with Cameco’s production and fuel services to offer a highly competitive nuclear fuel solution. In addition to the acquisition, the company announced the production of the first packaged pounds of uranium since restarting McArthur River mine and Key Lake mill. Moreover, Cameco signed a uranium supply agreement with China Nuclear International Corporation, a subsidiary of one of the country’s largest nuclear power operators, China National Nuclear Corporation. We believe these events highlight Cameco’s continued market leadership and opportunistic mindset in a fast-changing energy landscape.”
2. Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN)
Number of Hedge Fund Holders: 56
Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) shares have gained about 37% over the past one year. Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) is hovering near its 52-week highs. Earlier in August Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN)’s pozelimab for treatment of the rare immune disease CHAPLE disease won approval from US FDA.
As of the end of the second quarter of 2023, 56 hedge funds out of the 910 tracked by Insider Monkey were long Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN). The biggest hedge fund stakeholder of Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) was John Overdeck and David Siegel’s Two Sigma Advisors with a stake worth about $215 million in the company.
Bronte Capital made the following comment about Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) in its Q3 2022 investor letter:
“There have been some bright spots in our long book. Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN), a major position and a stock we wrote up in our June 2021 letter, has been one of the best performing stocks in the S&P 500 this year. Alas it has not been enough to offset some of our weaker stocks, let alone our overweight exposure to the UK (and Europe) which have suffered from both stock and currency weakness. We do not think we are bad at picking stocks on the long side and hope – reasonably we think – for better relative results in the future. Prior to COVID, our longs were markedly better than the index. Unfortunately, if you look at our long book this quarter and since the onset of the COVID pandemic, there is scant evidence that we have added any value by picking stocks to go long.”
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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