Citi expects Eli Lilly (LLY) shares to be strong today on the announcement of competitor Novo Nordisk’s (NVO) Phase 3 REDEFINE-1 study of CagriSema for obesity. CagriSema’s weight loss efficacy after 68 weeks of 22.7% came in below the “well-communicated” 25% target, the analyst tells investors in a research note. Citi says “this is nearly a best-case scenario” for Lilly’s tirzepatide given Novo’s and the Street’s expectations for a target that could have eroded Lilly’s market share in higher body mass index patients. The firm keeps a Buy rating on Eli Lilly with a $1,250 price target. The stock in premarket trading is up 8%, or $57.46, to $815.00.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on LLY:
- BofA says Hims’ semaglutide compounding opportunity may be shorter than expected
- Novo obesity data positive for Eli Lilly and Amgen, says UBS
- Weight loss seen with Novo’s CagriSema weaker than expected, says BofA
- Eli Lilly’s (NYSE:LLY) Zepbound Shortage Over, Says FDA
- End to tirzepatide shortage has read on Hims GLP-1 trajectory, says Leerink