Prognosis
Lilly’s Diabetes Drug Fuels Wall Street Enthusiasm for Shares
- Stock is near record high on optimism for drug called Mounjaro
- Average price target is up about 5% this week after earnings
Eli Lilly & Co.'s headquarters in Indianapolis, Indiana.
Photographer: Tom Strickland/Bloomberg
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Wall Street’s enthusiasm for shares of Eli Lilly and Co., one of the best bets in health care this year, is growing amid optimism for a new drug that’s seen as having potential to treat obesity.
The company’s stock is up about 30% this year, and set a record high this week. It is among the top-three major drugmakers in terms of performance in 2022, and analysts are only growing more bullish: Wall Street’s average target price for the next year has risen about $18 this week, or roughly 5%.