Eli Lilly placed on ‘Positive Catalyst Watch’ at JPMorgan

JPMorgan placed shares of Eli Lilly (LLY) on “Positive Catalyst Watch” while keeping an Overweight rating on the name with a $1,100 price target into the Phase 3 readouts for orforglipron in type 2 diabetes and obesity. The firm is looking for orforglipron to show efficacy in line to slightly below injectable highdose semaglutide and a tolerability profile that is modestly worse than current injectables. JPMorgan sees a favorable risk/reward into these updates with shares likely up 10% in its base case scenario, balanced against a very low probability downside case for the asset.