After years of a slowdown in performance and revenue, Eli Lilly (NYSE: LLY) is starting to turn the page. With its innovations in the pharmaceutical sector, most notably in diabetes treatment, its medications performed well, raking in a huge chunk of revenue and propelling this pharmaceutical giant to the 10th largest company by market cap.
Eli Lilly’s latest pharmaceutical product for diabetes and obesity, Mounjaro (marketed as Zepbound for weight management), is anticipated to potentially emerge as the highest-selling therapy in the industry’s history.
Moreover, Eli Lilly possesses a significantly more diversified revenue stream. It maintains a diverse portfolio with several significant therapies in various fields in its development pipeline. Notably, it is awaiting approval for the Alzheimer’s disease treatment Donanemab, poised to achieve impressive status potentially.
Simultaneously, Lilly acquired Point Biopharma, a specialist in radioligand treatments for cancer. The company combines a radioisotope with a molecule designed to locate cancer cells within the body. This innovative approach enables the drug to administer focused radiation directly to the tumor, minimizing the impact on healthy tissue.
Technical analysis of LLY stock and analyst forecast
Technical indicators for LLY stock spell out a recommendation of ‘strong buy’ with a buy rating of 16, and moving averages agree at the rating of 13. Oscillators indicate a ‘buy’ at 3.
It seems that 26 analysts share a generally positive outlook for this stock, as 17 suggest a ‘strong buy,’ 3 are of the ‘buy’ opinion, 4 indicate a ‘hold,’ while one opted for a ‘sell,’ and another one suggested a ‘strong sell.’
The price target is an average of $648.33, indicating a further 3.14% increase from the current levels. And with the most optimistic target being set at $763, or 21.38% further gain.
LLY stock price analysis
At the time of press, LLY stock was trading at $628.58, indicating an increase of 0.84% since the previous closure, while losing -1.62% in the last five trading sessions.
Since the year commenced, this stock has added 6.14% to its value.
Only time will tell whether this company will continue its success with the latest medication and add to its innovations. It shows significant effort to stay ahead of its competition and remain the industry leader.
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