Citi Is Bullish On This Large Pharma Stock On Upcoming Data Readout From Diabetes Candidate

Citi has increased peak risk-adjusted Eli Lilly And Co's LLY tirzepatide forecasts (diabetes/ obesity/NASH) to more than $25 billion (previously $15 billion, consensus of around $16 billion).
The analyst says that the ongoing feedback from physicians/payers continues to boost the optimism for broader access, reimbursement, and adoption amid the previously unforeseen glucose and weight-lowering properties.
Citi increased the price target to $370 from $285 with a Buy rating.
Related: Eli Lilly Presents New Analyses On Tirzepatide Injection For Type 2 Diabetes.
Potential weakness for the drug could come when Eisai Ltd ESALY and/or Roche Holdings AG RHHBY release data of lecanemab and gantenerumab, respectively as an attractive opportunity to add to positions.
Also Read: Eli Lilly Cuts Annual Profit Outlook After Q2 Earnings Miss; Plans To Begin Covid-19 Antibody Sale Commercially.
Citi expects around a 65% probability that LLY's TRAILBLAZERALZ 2 meets its primary endpoint in mid-2022.
Price Action: LLY shares are up 0.51% at $320.51 on the last check Thursday.

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