Eli Lilly & Co. (NYSE:LLY) has been a high-flier among the mega-cap pharma stocks this year, as the company leverages the obesity drug craze. Prominent Tesla investor and Future Fund Manager Gary Black weighed in on the stock’s run-up and its future trajectory.
What Happened: Lilly stock continues to surge as more investors discount the upside potential for the company’s GLP-1 drug Mounjaro, which is currently indicated as a treatment for Type 2 diabetes. GLP-1, standing for glucagon-like peptide-1 agonists, is a class of drugs used to treat Type 2 diabetes and obesity.
Chart courtesy of Benzinga
Mounjaro is expected to receive FDA approval for treating obesity by the year-end, ...