Investors are Watching These 5 Biotech Stocks

4. Eli Lilly and Company (NYSE:LLY)

Number of Hedge Fund Holders: 53   

Eli Lilly and Company (NYSE:LLY) develops and markets human pharmaceuticals. On June 21, the company announced that authorities in China had granted the approval for the expanded use of Tyvyt, a drug developed by the firm in collaboration with Innovent Biologics, for the treatment of esophagus cancer. This is the fifth approval for the drug in the Asian country that already allows the drug for the treatment of blood, lung and liver cancers. The approval was granted after positive data from a Phase-III trial of the drug. 

On June 6, Mizuho analyst Vamil Divan maintained a Buy rating on Eli Lilly and Company (NYSE:LLY) stock with a price target of $356, identifying it as a top pick in the large cap pharma industry given the drug profile of the firm. 

Among the hedge funds being tracked by Insider Monkey, Florida-based investment firm GQG Partners is a leading shareholder in Eli Lilly and Company (NYSE:LLY) with 1.6 million shares worth more than $485 million.  

In its Q1 2022 investor letter, Baron Funds highlighted a few stocks and Eli Lilly and Company (NYSE:LLY) was one of them. Here is what the fund said:

“Eli Lilly and Company (NYSE:LLY) is a global pharmaceutical company with a diverse offering primarily focused on therapeutics. Performance was strong mostly due to consistent financial growth powered by its core diabetes (and future obesity) franchise, as well as the constant drumbeat surrounding the Alzheimer’s therapeutic market, of which Eli Lilly and Company (NYSE:LLY) has one of the three potential winning blockbuster candidates in Donanemab. We retain conviction in Eli Lilly given the company’s strong long-term growth outlook.”