5 Best-Performing Non-Energy Stocks of 2022

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.