Eli Lilly is poised to surge with futures sales of a key weight loss drug, according to UBS
UBS is moving off the sidelines and saying now is the time to snap up Eli Lilly citing a key weight loss drug. The firm upgraded shares of the pharmaceutical company to buy from hold and raised its price target to $363 from $335. That implies the stock could surge more than 22%. The rating change comes after mounjaro, or tirzepatide, a key weight loss drug, showed promise in a random study called Surmount-1 and was approved for use in patients with type 2 diabetes.
In the Surmount-1 trial, the drug helped more than 20% lose weight and showed other positive factors, such as 95% of pre-diabetic patents normalizing blood sugars. Several drug companies have weight loss drugs in development , making it a possible big driver of the stocks in coming years.
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