Eli Lilly (LLY) stock climbed as much as 16% during Thursday’s trading session after a study found that its weight loss pill works as well as Ozempic. The company said it expects to seek regulatory approvals by the end of the year, and investors reacted positively to the news.
Eli Lilly said its daily obesity pill met the company’s goals in the first of several closely watched late-stage trials. The pill helped Type 2 diabetes patients lower their blood sugar and body weight and showed safety on par with popular injections on the market, with some results coming in line with Wall Street’s expectations. Among other companies in the pharmaceutical industry, the results of the study were highly anticipated and exceeded expectations, sending its stock surging.
Eli Lilly is “pleased to see that our latest incretin medicine meets our expectations for safety and tolerability, glucose control and weight loss, and we look forward to additional data readouts later this year,” the company’s CEO, David Ricks, said in a release. The CEO added that the pill “could be readily manufactured and launched at scale for use by people around the world.”
Eli Lilly (LLY) Stock to Hit New ATH?
Eli Lilly’s stock was one of the best performers on the US stock market on Thursday. The shares ended Thursday up 14%, including over 11% growth in the pre-market trading. Trading volume around the stock is also up nearly triple. LLY shares are inching closer to the $972.53 all-time high it hit in August 2024. This study’s latest report could send the stock soaring towards that high in the coming days, as shares hope to hit $1,000 for the first time.
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There is vast potential behind LLY stock for investors at its current price. According to CNN data, LLY is trading in the middle of its 52-week range and near its 200-day simple moving average. 90% of analysts surveyed by CNN suggest now’s the time to buy the stock, with the remaining 10% advising to hold. The analysts also project a new ATH to be breached in the next 12 months between $1,040 a share and $1,190.