Pharma giant Eli Lilly (LLY) hit a new high Friday and is in the 5% buy zone, waiting for investors to scoop it up. Fair Isaac (FICO) also hit a buy point and new high. Both stocks are also trading at all-time highs.
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LLY stock rose over 2% and hit the 376.41 buy point of a cup-with-handle base. The buy zone stretches to 395.23, according to MarketSmith pattern recognition.
Eli Lilly develops and manufactures neurological, endocrine, cardiovascular and cancer drugs.
Reuters reported Friday that Lilly expects Medicare to cover its new Alzheimer’s drug after strong evidence of effectiveness on brain plaques.
In addition, the stock got a lift earlier this month when the FDA cited few issues on its already-approved ulcerative colitis drug. “We are working diligently with the FDA and hope to launch Mirikizumab in the U.S. as soon as possible,” said Lilly Executive Vice President Patrik Jonsson.
Lilly reports Q1 earnings on April 27.
New High: FICO Scores A Buy
Fair Isaac popped over 3% Friday and hit the 711.95 buy point of a flat base. FICO stock is in the buy zone stretching to 747.55.
Shares have gained over 21% so far this year. Friday’s new high could signal even stronger returns.
The data analytics software, known for its FICO scoring system, posted 15% EPS growth and modest 7% sales growth in Q4 2022. Earnings growth has decelerated in the last few quarters, while sales growth has been steady, in single digits for the last five quarters.
Fair Isaac stock landed on the Long-Term Leaders Watchlist. The company also reports Q1 results on April 27.
Follow Kimberley Koenig for more stock news on Twitter @IBD_KKoenig.
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Source: https://www.investors.com/stock-lists/new-highs/eli-lilly-hits-new-high-as-it-tempts-investors-with-buy-zone/?src=A00220&yptr=yahoo