Eli Lilly Soars on Diabetes Drug Success and Promising Obesity Treatment

Eli Lilly stock has risen over 88% in the past year and hit a new 52-week high recently, reflecting growth opportunities from its diabetes and obesity products.

The FDA approved Eli Lilly's Mounjaro for treating type 2 diabetes in May 2022. It quickly reached nearly $1 billion in U.S. revenue in Q2 2022.

Analysts expect Mounjaro will also get FDA approval for treating obesity in Q4 2022, competing with Novo Nordisk's Wegovy.

Wells Fargo and Bank of America Securities analysts have set Street-high price targets of $700 and $650 respectively for Eli Lilly stock.

With 16 Buy and 1 Hold ratings, Wall Street analysts are bullish on Eli Lilly, though recent price gains put consensus target near current levels.