Jim Cramer on Eli Lilly: “They Need to Have Something Else to Come Out”

Eli Lilly and Company (NYSE:LLY) is one of the stocks Jim Cramer recently answered questions about. Answering a caller’s query about the stock during the episode, Cramer said:

“Here’s the problem with Lilly: they need to have something else to come out. They need something that’s big that the insurance companies will cover, for their drug, because right now, a lot of people just feel, you know what, this Ozempic thing, it’s played out. If you get something else, a new indication, that will ignite the stock.”

Eli Lilly and Company (NYSE:LLY) develops and sells a wide range of prescription medicines, including treatments for diabetes and obesity, cancer therapies, and drugs for autoimmune, neurological, and pain-related conditions. It is worth noting that on October 1, Cramer said:

“I suggest, for example, that you consider Eli Lilly because of its remarkable GLP-1 diabetes and weight loss drug. Those are the most obvious uses. But when this year is over, I gotta tell you something, I think it could be used for everything from the silent killer of hypertension to dementia, and yes, alcoholism. Lilly’s stock has been stalled because of the drug’s clumsy delivery mechanism.

It’s an injectable that needs to be refrigerated. Not ideal, but Lilly’s testing a one-a-day pill… that could alleviate the principal objections to the life-saving weight loss drug. It will expand the market in a huge way. Unfortunately, both the injectable and apparently the pill take off all body weight, not just fat. Still, a successful pill could take Lilly’s market cap from $781 billion, where it is now, into the trillion-dollar winner circle. That makes it worth buying even up here.”

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.