#1 - Eli Lilly (NYSE:LLY)
Eli Lilly & Co. (NYSE: LLY) has been one of the best-performing stocks in 2024. The stock’s stellar performance began in 2023 with the launch of its GLP-1 (glucagon-like peptide-1) drugs Mounjaro and Zepbound, which are used to treat type 2 diabetes and obesity, respectively. However, the company’s growth is also being fueled by other drugs in its portfolio, including Jardiance and Trulicity (diabetes), Verzenio (breast cancer) and, most recently, Kisunia (Alzheimer’s disease).
With a forward price-to-earnings (P/E) ratio of 68x, LLY stock is not cheap. But the company has several catalysts for future growth. One of the more intriguing ones is a next-generation weight-loss drug that targets three hormones and is showing solid results in Phase 2 trials.
Lilly is expected to grow earnings by 40% in the next 12 months. Some analysts believe that growth is already priced into the stock. On the other hand, Morgan Stanley reiterated its Overweight rating on LLY stock on August 27, 2024, with a $1,106 price target that would provide 16.3% upside.
About Eli Lilly and Company
Eli Lilly and Company discovers, develops, and markets human pharmaceuticals worldwide. The company offers Basaglar, Humalog, Humalog Mix 75/25, Humalog U-100, Humalog U-200, Humalog Mix 50/50, insulin lispro, insulin lispro protamine, insulin lispro mix 75/25, Humulin, Humulin 70/30, Humulin N, Humulin R, and Humulin U-500 for diabetes; Jardiance, Mounjaro, and Trulicity for type 2 diabetes; and Zepbound for obesity.
Read More - Current Price
- $789.25
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 17 Buy Ratings, 4 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $1,007.94 (27.7% Upside)
