We recently published 11 Stocks Jim Cramer Shared His Insights On. Eli Lilly and Company (NYSE:LLY) is one of the stocks Jim Cramer discussed.
Eli Lilly and Company (NYSE:LLY) is one of Cramer’s top stocks in the pharmaceutical space. He has remained optimistic about the firm throughout the year and praised its lead in the weight loss drug market, its manufacturing initiatives, and its drug pipeline. The CNBC TV host has also often recalled how billionaire Ken Langone was the first to predict that Eli Lilly and Company (NYSE:LLY)’s market valuation could touch a trillion dollars. This show was a special one for the stock as the market value finally crossed the trillion-dollar mark. Naturally, Cramer shared how the call for the coveted value was made on Mad Money:
“Yes, but that was Ken Langone, the great Ken Langone, who said it. When it was at 500, 500 billion. That’s really quite, well he’s a great man, and it’s quite a call, and it was made on Mad Money, I’ve been with him ever since.”
As for Eli Lilly and Company (NYSE:LLY)’s business, here’s what he said on Mad Money aired on September 16th:
“Not that long ago, pretty much everybody assumed that the next non-tech stock to cross the trillion-dollar threshold would be the stock of Eli Lilly. Why not? They’ve developed a weight loss and diabetes wonder drug with incredible prospects… Right now, Lilly’s market capitalization is roughly $724 billion…
“Oh, I thought Lilly would be next… Today, Lilly announced plans to build a $5 billion manufacturing plant in Richmond, Virginia. As we told members of the investing club this morning, this facility marks the first of four American plants for targeted cancer and autoimmune drugs… When you consider all the indications for this thing… You can see why the betting line favored Lilly to cross the trillion-dollar finish line first.
“But Lilly’s stock has been stalled in part because it has a vicious, some would say desperate rival in the form of Novo Nordisk… Plus, you aren’t supposed to buy drug stocks if the Fed’s going to cut interest rates… So you should avoid so-called safety drug stocks. And of course, the president seems to be hostile to the industry… So yeah, my original prediction will likely be wrong. Eli Lilly is probably not the next non-tech stock to cross the trillion-dollar barrier.”
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Disclosure: None. This article is originally published at Insider Monkey.
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