Eli Lilly has revealed that it has now received approval from the U.S. Food and Drug Administration (FDA) for two additional doses of Trulicity (dulaglutide). Shares of Eli Lilly closed 1.3% higher on Friday.
Eli Lilly (LLY) Trulicity is a prescription medicine for adult patients with type 2 diabetes. The medicine improves blood sugar levels in the human body and reduces the risk of any major cardiovascular problem.
On September 3, the company stated that the FDA has granted approval to two higher doses of Trulicity, 3mg and 4.5 mg, to be prescribed once-weekly. Eli Lilly revealed that “The phase 3 trial showed the additional doses led to further benefits in A1C and body weight reduction when compared to Trulicity 1.5 mg in people with type 2 diabetes.” (See LLY stock analysis on TipRanks).
Morgan Stanley analyst David Risinger recently upgraded the stock to Buy from Hold and lifted the price target to $176 (16.6% upside potential) from $157, citing strong prospects for Eli Lilly’s Phase 3 diabetes asset tirzepatide.
Risinger said that “We extended our model through 2025 and raised our LT EPS growth projection from 12% to 14%. We are bullish on prospects for Phase 3 diabetes asset tirzepatide and note that LLY shares offer Alzheimer’s optionality.”
Currently, the Street has a bullish outlook on the stock. The Strong Buy analyst consensus is based on 7 Buys and 2 Holds. With shares up about 14.8% this year, the average analyst price target of $176.38 implies upside potential of 16.9% to current levels.
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