Hers’s Why Eli Lilly and Company (LLY) Declined in Q1
Fred Alger Management, an investment management company, released its “Alger Spectra Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, Class A shares of the fund underperformed the Russell 3000 Growth Index and returned 7.98% (with sales charges) compared to the Index return of 13.85%. Consumer Discretionary and Industrials were the leading contributors to the fund’s relative performance in the quarter, while Information technology and Health care sectors detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Spectra Fund highlighted stocks like Eli Lilly and Company (NYSE:LLY) in the first quarter 2023 investor letter. Headquartered in Indianapolis, Indiana, Eli Lilly and Company (NYSE:LLY) is a pharmaceutical company. On May 22, 2023, Eli Lilly and Company (NYSE:LLY) stock closed at $433.99 per share. One-month return of Eli Lilly and Company (NYSE:LLY) was 12.77%, and its shares gained 41.85% of their value over the last 52 weeks. Eli Lilly and Company (NYSE:LLY) has a market capitalization of $411.975 billion.
Alger Spectra Fund made the following comment about Eli Lilly and Company (NYSE:LLY) in its Q1 2023 investor letter:
"Eli Lilly and Company (NYSE:LLY) is a global pharmaceutical company with core franchises in diabetes, obesity, neurology, and oncology. The company offered exposure to therapeutics in obesity and diabetes via the launch of Mounjaro, as well as in Alzheimer's via Donanemab which was filed in November 2022 for accelerated Phase 3 approval in mid-2023. While the company reported decent fiscal fourth quarter results, shares detracted from performance after a modest miss in their obesity and diabetes drug. Mounjaro. Moreover, investors became skeptical of potential regulatory scrutiny around Donanemab and its efficacy relative to Biogen's competing offering."
Photo by National Cancer Institute on Unsplash
Eli Lilly and Company (NYSE:LLY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 76 hedge fund portfolios held Eli Lilly and Company (NYSE:LLY) at the end of the fourth quarter which was 75 in the previous quarter.
We discussed Eli Lilly and Company (NYSE:LLY) in another article and shared Baron Health Care Fund's views on the company. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
