Where is Eli Lilly and Company (LLY) Headed According to Analysts?

Eli Lilly and Company (NYSE:LLY) is one of the best long term growth stocks to buy according to hedge funds. On January 9, Jefferies reaffirmed a Buy rating on Eli Lilly and Company (NYSE:LLY) and set a price target of $1,300.00. The rating update came after Eli Lilly and Company (NYSE:LLY) announced on January 8 that its Taltz (ixekizumab) and Zepbound (tirzepatide) used together delivered superior efficacy in first-of-its-kind Phase 3b trial for adults with active psoriatic arthritis and obesity or overweight.

Eli Lilly (LLY) Moves Fast to Secure Lead in India’s Obesity Drug Market

The TOGETHER-PsA study met its primary endpoint of 50% improvement in psoriatic arthritis (PsA) activity based on ACR50 at 36 weeks, along with ≥10% weight drop with concomitant Taltz and Zepbound in comparison with Taltz monotherapy. In addition, in a key secondary endpoint, the use of Taltz and Zepbound delivered a 64% relative growth in the proportion of patients attaining ACR50 compared to Taltz alone. Management reported that Taltz is now the first and only biologic for PsA with data supporting a potential comprehensive treatment approach.

In a separate development, Eli Lilly and Company (NYSE:LLY) announced on January 7 that it entered into a definitive agreement to acquire Ventyx Biosciences, Inc., which is a clinical-stage biopharmaceutical company that develops innovative oral therapies for patients with inflammatory-mediated diseases.

The terms of the agreement entail that Eli Lilly and Company (NYSE:LLY) would acquire all the outstanding shares of Ventyx for $14.00 per share of common stock in an all-cash transaction, which equals an aggregate equity value of approximately $1.2 billion.

Eli Lilly and Company (NYSE:LLY) develops, manufactures, discovers, and sells pharmaceutical products. These products span oncology, diabetes, immunology, neuroscience, and other therapies.

While we acknowledge the potential of LLY to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than LLY and that has 100x upside potential, check out our report about this cheapest AI stock.

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