What's Going On With Eli Lilly And Company Shares Wednesday?

Eli Lilly And Company LLY stock is trading lower on Wednesday. The company is anticipated to release 2024 fiscal year earnings on Thursday before the market opens.

What To Know: Analyst estimates EPS of $2.70 and sales of $9.94 billion.

For the previous fiscal quarter, Eli Lilly missed analyst estimates regarding revenue by 1.7% but beat analyst EPS estimates by 4.88%. Eli Lilly beat analyst estimates for EPS for the last four earnings reports. The company missed analyst EPS estimates by 6.36% for the 2023 fiscal year first quarter.

What Else: Eli Lilly’s weight-loss drug Zepbound has gained traction in the market following its December launch, capturing about 40% of the market. As of mid-July, 130,000 prescriptions of Eli Lilly’s Zepbound were filled weekly versus 200,000 for Novo Nordisk A/S’s NVO Wegovy.

Analyst Changes: Within the past week, multiple analysts have issued price target adjustments.

• Cantor Fitzgerald analyst Louise Chen reiterated Eli Lilly with a Overweight and maintained $885 price target.
• Guggenheim analyst Seamus Fernandez maintained Eli Lilly with a Buy and raised the price target from $855 to $884.

How To Buy Eli Lilly and Company Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Eli Lilly LLY's case, it is in the Health Care sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

Related Link: CVS Health Reports Mixed Q2 Earnings, Lowers 2024 Outlook, Reshuffles Segment Management

LLY Price Action: Eli Lilly shares are trading 2.73% lower at $771.50  at the time of publication, according to data from Benzinga Pro.

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