What's Going On With Eli Lilly Stock Thursday?

Since Monday, Eli Lilly And Co LLY shares have gained 8%, closing at $724.85 on Wednesday, sending the market capitalization to a whopping $690 billion (roughly).

Thursday, shares are trading with a session volume of 25.301K compared to an average volume of 3.277 million, as per data from Benzinga Pro.

Tuesday, the company released much-awaited, better-than-expected fourth-quarter results. Eli Lilly expects fiscal year 2024 sales of $40.4 billion-$41.6 billion versus the consensus of $39.14 billion and fiscal year 2023 sales of $34.12 billion.

During CNBC’s ‘Halftime Report,’ the committee noted that “in the instance of Eli Lilly, there is more to go in the stock.”

• BMO Capital raised the price target from $710 to $865. 
• BofA Securities raised the price target to $800, up from $750.
• Wells Fargo maintained an Overweight and raised the price target from $700 to $825.
• Barclays reiterated an Overweight rating and raised the price target from $680 to $810.
• Morgan Stanley maintained the Overweight rating with a price target up from $763 to $805.
• Truist Securities maintained the Buy rating and raised the price target from $650 to $850.

Eli Lilly has settled a lawsuit filed by Minnesota, accusing major insulin manufacturers of deceptive price increases. 

As part of the settlement, Reuters noted that Eli Lilly will provide low-cost insulin to patients and donate free insulin to 15 clinics in Minnesota. 

In Minnesota, paying out-of-pocket patients can access Eli Lilly’s insulin products for a maximum of $35 per month. Even those with insurance can opt to pay $35 instead of using their coverage. 

The settlement, effective for five years, aims to address the affordability of life-sustaining insulin. 

The lawsuit, initiated by Minnesota in 2018, is still pending against Novo Nordisk A/S NVO and Sanofi SA SNY. 

In March of the previous year, Eli Lilly had already committed to reducing insulin prices, offering it to many patients at $25 or $35.

Price Action: LLY shares are up 1.91% at $739.15 on the last check Thursday.

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