10 Firms End Stronger, Buck Muted Broader Market Trading

2. Eli Lilly and Company (NYSE:LLY)

Eli Lilly jumped by 14.30 percent on Thursday to end at $839.96 each as investor sentiment was buoyed by announcements that its new GLP-1 weight loss pill, orforglipron, demonstrated positive results in the first of seven phase 3 clinical studies.

According to LLY, orforglipron is “the first oral small molecule glucagon-like peptide-1 (GLP-1) receptor agonist, taken without food and water restrictions, to successfully complete a Phase 3 trial.”

Investors snapped up shares in the company, especially after Pfizer’s recent announcement that it dropped the development of its oral obesity medication, danuglipron, amid safety concerns.

According to PFE, the decision came after a patient experienced a potential liver injury linked to the drug.

The scrapping of plans became good news for the company, with PFE now out of the competition.