The recent stock market sell-off appears to have fizzled out and now could be a great time for long-term investors to put some of their cash to work.

Three Motley Fool contributors think they've found fantastic growth stocks to buy in August. Here's why they picked Eli Lilly (NYSE: LLY), Novo Nordisk (NYSE: NVO), and Vertex Pharmaceuticals (NASDAQ: VRTX).

David Jagielski (Eli Lilly): Growth investors might be tempted to look for small-cap stocks in the hopes of maximizing long-run returns, but one of the best growth stocks in healthcare is also the largest: Eli Lilly. At a market cap of around $800 billion, it's likely only a matter of time before it becomes the first healthcare stock to reach a $1 trillion valuation. I think the stock could go far higher than that, potentially doubling within the next five years.

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Source Fool.com