Eli Lilly And Co (NYSE: LLY) shares are trading higher Wednesday. The stock appears to be moving alongside Novo Nordisk (NYSE: NVO) shares after the drugmaker halted trials on early signs of efficiency.
What Happened: The independent Data Monitoring Committee recommended that Novo Nordisk stop its kidney outcomes trial FLOW after interim analysis showed the treatment would be successful.
Eli Lilly makes a similar GLP-1 drug to Novo's Ozempic called Mounjaro, which was highlighted by Morgan Stanley in a new note.
Morgan Stanley analyst David Phung maintained Eli Lilly with an Overweight rating and raised the price target from $640 to $673, citing improved 2024 to 2026 estimates ...