Eli Lilly and Co. (NYSE:LLY) shares are trending on Wednesday night.
Shares of the Indiana-based pharmaceutical company gained 1.89% to $1,312.68 in after-hours trading on Wednesday.
Retatrutide Doubles Ozempic’s Weight Loss In Phase 3 Diabetes Trial
The stock move came as Eli Lilly announced positive topline results from its Phase 3 TRANSCEND-T2D-2 trial of retatrutide. Retatrutide is an investigational, once-weekly triple agonist targeting the GIP, GLP-1 and glucagon receptors.
The open-label trial enrolled 1,298 adults with type 2 diabetes. It compared retatrutide with Novo Nordisk A/S’s (NYSE:NVO) Ozempic 2 mg. Retatrutide met the primary and all key secondary endpoints at 80 weeks.
Stock Heads Into Q3 Earnings
The drugmaker is set to report its third-quarter results on Thursday, before the market opens.
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In the last quarter reported in August, Eli Lilly posted better-than-expected results. Revenue for the quarter came in at $22.97 billion, beating the analyst estimate of $20.44 billion by 12.4%.
Earnings per share of $8.38 topped the expected $6.01 by 39.4%.
Analyst Price Targets Point Higher For LLY Stock
Recent analyst actions:
| Analyst Firm | Previous Price Target | Revised Price Target | Rating |
|---|---|---|---|
| Leerink Partners | $1,309 | $1,316 | Outperform |
| RBC Capital | — | $1,500 | Outperform |
| Cantor Fitzgerald | $1,410 | $1,440 | Overweight |
| Morgan Stanley | $1,419 | $1,430 | Overweight |
Trading Metrics, Technical Analysis
Eli Lilly and Co. has a market capitalization of $1.21 trillion, a 52-week high of $1,321.21 and a 52-week low of $809.63.
The Relative Strength Index (RSI) of LLY stands at 64.45.
The large-cap stock has gained 57.09% over the past 12 months.
Currently, LLY stock is positioned at 93.57% of its 52-week trading range, trading near its annual high.
Price Action: On Wednesday, the biotech stock closed at $1,288.30, up 0.42%, according to Benzinga Pro data.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Jennie Book on Shutterstock.com