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Investing.com - BMO Capital raised its price target on Eli Lilly (NYSE:LLY) to $920.00 from $900.00 on Tuesday, while maintaining an Outperform rating on the pharmaceutical company’s stock. According to InvestingPro data, analyst targets for Lilly range from $650 to $1,190, with 8 analysts recently revising earnings estimates upward for the upcoming period.
The price target increase reflects BMO Capital’s growing confidence in Lilly’s orforglipron, which is approaching commercialization with Phase 3 ATTAIN 1 and 2 trials scheduled to report results in the third quarter of 2025.
According to BMO Capital, ATTAIN-1 data is expected to be released in early to mid-August, potentially followed closely by ATTAIN-2 results. The firm anticipates orforglipron will demonstrate greater than 15% weight loss in the ATTAIN-1 trial, though tolerability may slightly deteriorate compared to the ACHIEVE-1 trial.
BMO Capital projects that positive trial data could drive Eli Lilly shares up by 7-10%, while potentially putting pressure on competitors Novo Nordisk (NYSE:NVO) and Amgen (NASDAQ:AMGN).
The firm cited its increased confidence in orforglipron as the primary reason for raising its estimates and price target for Eli Lilly to $920.
In other recent news, Eli Lilly has announced that its drug Jaypirca (pirtobrutinib) showed positive results in a Phase 3 trial for patients with chronic lymphocytic leukemia, meeting its primary endpoint. Additionally, Eli Lilly’s Alzheimer’s drug Kisunla (donanemab) received a positive opinion from the European Medicines Agency’s Committee for Medicinal Products for Human Use, which could lead to a regulatory decision in the coming months. The company also completed a tender offer for Verve Therapeutics, acquiring 55.7% of Verve’s outstanding shares. Shareholders who tendered their shares will receive $10.50 per share in cash along with a contingent value right. In terms of analyst activity, BMO Capital reiterated its Outperform rating on Eli Lilly with a $900 price target, highlighting the potential for earlier-than-expected interim analysis of the TRAILBLAZER-ALZ 3 trial. Guggenheim raised its price target for Eli Lilly to $942 while maintaining a Buy rating, ahead of the company’s upcoming second-quarter earnings report. The firm estimates second-quarter sales of Mounjaro to be $4.49 billion, slightly below some consensus estimates.
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