After This Pharma Stock Surges To Record High, Cramer Says It's 'Going Higher Still'
Portfolio Pulse from Shanthi Rexaline
Eli Lilly & Co. (LLY) stock surged nearly 15% to a new record high following better-than-expected Q2 earnings and revenue, and raised full-year guidance. The stock also benefited from positive data reported by Novo Nordisk (NVO) for its weight loss drug Wegovy. CNBC's Jim Cramer suggested that LLY could rise further. A Jefferies analyst upgraded LLY to Buy with a $615 price target.
August 09, 2023 | 12:34 pm
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POSITIVE IMPACT
Eli Lilly's stock surged following strong Q2 results and raised guidance. The stock also benefited from positive data from Novo Nordisk's drug. The stock is expected to rise further.
Eli Lilly's strong Q2 results and raised guidance indicate a positive outlook for the company. Additionally, the positive data from Novo Nordisk's drug could potentially benefit Eli Lilly's own drug for obesity, Mounjaro. This, along with the upgrade from a Jefferies analyst, suggests a positive short-term impact on the stock.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Novo Nordisk's positive data for its weight loss drug Wegovy indirectly benefited Eli Lilly's stock.
While the news does not directly impact Novo Nordisk, the positive data from its weight loss drug Wegovy indirectly benefited Eli Lilly's stock, as it could potentially benefit Eli Lilly's own drug for obesity, Mounjaro.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50