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 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.
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 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 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 develops, manufactures, discovers, and sells pharmaceutical products. These products span oncology, diabetes, immunology, neuroscience, and other therapies.
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This article is originally published at Insider Monkey.
