Eli Lilly and Company (LLY) Price Target Raised Following FDA Approval for Fundayo

Eli Lilly and Company (NYSE:LLY) is included among the 15 Best S&P 500 Stocks to Buy Right Now.

Eli Lilly and Company (LLY) Price Target Raised Following FDA Approval for Fundayo

Eli Lilly and Company (NYSE:LLY) discovers, develops, manufactures, and markets human pharmaceutical products in the United States, Europe, China, Japan, and internationally.

On April 2, BofA analyst Jason Gerberry slightly bumped the firm’s price target on Eli Lilly and Company (NYSE:LLY) from $1,293 to $1,294, while maintaining a ‘Buy’ rating on the shares. The revised target indicates an upside potential of over 38% from the current share price.

The development comes after the FDA approved Fundayo, Lilly’s obesity medicine, marking a major milestone for the drugmaker. The approval came on April 2, slightly ahead of the firm’s assumption. As a result, BofA fine-tuned its near-term estimates for Eli Lilly and Company (NYSE:LLY), reflecting launch pricing and the anticipated early dose-mix.

Eli Lilly and Company (NYSE:LLY) revealed that Fundayo will already start shipping from direct-to-consumer platform LillyDirect starting next week, and will be available at pharmacies and on telehealth platforms ‘shortly after.’ According to FacSet, the drug is estimated to achieve $14.79 billion in sales by 2030.

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