Leerink Partners analyst David Risinger reiterated an Outperform rating and $1,296.00 price target on Eli Lilly (NYSE: LLY)

The analyst commented, "We view it as positive that orforglipron was approved on April 1, and the cash pay price is consistent with oral Wegovy. Importantly, FDA approved orforglipron 90 days ahead of planned Medicare coverage on July 1 of obesity medicines for seniors for $50/mo. out of pocket. A positive surprise is that the approval was for a tablet formulation, which is less expensive to manufacture (see details below). The brand name is Foundayo, and its approval is for patients with obesity (BMI≥30) or those who are overweight (BMI≥27) with a weight-related comorbidity. Foundayo’s DTC self-pay price range is $149-$349/ month. However, the company noted the higher doses priced at $349/ month (14.5 mg and 17.2 mg) would be available at $299/month if the refill occurs within 45 days through the loyalty program. This discounted price range is in line with oral Wegovy DTC, which has a self-pay price range of $149-$299/month. Foundayo will be available through LillyDirect beginning April 6. Reiterate OP on LLY shares."

For an analyst ratings summary and ratings history on Eli Lilly click here. For more ratings news on Eli Lilly click here.

Shares of Eli Lilly closed at $919.77 yesterday.