What Happened?
Shares of global pharmaceutical company Eli Lilly (NYSE: LLY) jumped 2.8% in the afternoon session after JPMorgan's Chris Schott raised his price target to $1,400 from $1,300, reiterating an Overweight rating.
Schott's $1,400 target sits above the roughly $1,243 Street average and signals conviction that Lilly's GLP-1 franchise still has room to run, underpinned by the international expansion of Mounjaro, durable domestic Zepbound demand, and a deep incretin pipeline that includes the oral pill orforglipron (Foundayo) and the triple-agonist retatrutide.
The shares were trading at $1,234, up 2.9% from the previous close.
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What Is The Market Telling Us
Eli Lilly’s shares are not very volatile and have only had 9 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
The previous big move we wrote about was 11 days ago when the stock gained 6.3% on the news that the European Medicines Agency's committee for human medicines backed its cancer drug, Jaypirca, and the company's popular weight-loss treatments were set for inclusion in a new Medicare program.
The positive opinion for Jaypirca is for the treatment of chronic lymphocytic leukemia, a significant step that paves the way for the drug's final approval across the European Union, which is expected within two months. Separately, Medicare announced its GLP-1 Bridge program, starting July 1, 2026. The program will provide access to Eli Lilly's Zepbound and Foundayo weight-loss drugs for a $50 monthly copay for eligible participants, potentially increasing access for millions. Following the news, Leerink Partners raised its price target on the company's stock to $1,232.
Eli Lilly is up 14.4% since the beginning of the year, and at $1,234 per share, it has set a new 52-week high. Investors who bought $1,000 worth of Eli Lilly’s shares 5 years ago would now be looking at an investment worth $5,240.
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