Eli Lilly and Co. (NYSE:LLY) shares are experiencing increased activity Friday afternoon. Here's what you need to know.
What's Happening: Morgan Stanley has maintained its Overweight rating on Eli Lilly with a price target of $1023. Despite this bullish outlook, options trading data from Benzinga shows a mixed sentiment among high-rolling investors, with 50% bearish and 41% bullish trades spotted. Significant options activity includes 11 call options totaling $569,034 and one put option amounting to $50,300.
Key Developments: Eli Lilly is making strides in the pharmaceutical sector with its GLP-1 treatments like Mounjaro and Zepbound, which have shown promising results in reducing obesity-related cancer risks. A recent study in JAMA Network highlighted the reduced risk of ten types of obesity-related cancers for patients using GLP-1 treatments compared to those on insulin or other diabetes medications.
Additionally, Eli Lilly's SURMOUNT-OSA phase 3 trials for tirzepatide demonstrated a significant reduction in the apnea-hypopnea index, showcasing potential benefits for treating obstructive sleep apnea.
Analysts' Opinions: In the past month, several analysts have weighed in on Eli Lilly. B of A Securities maintained a Buy rating with a $1000 price target, while Cantor Fitzgerald downgraded its rating to Overweight, setting a price target of $885. BMO Capital also maintained an Outperform rating with a $1001 price target.
LLY Price Action: Eli Lilly shares were up by 1.91% at $915.23 according to Benzinga Pro.
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