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Eli Lilly and Co (NYSE:LLY) shares are moving higher Monday following the release of positive Phase 3 trial results for its weight loss drug, tirzepatide, marketed as Zepbound.
What Happened: The trials, known as SURMOUNT-OSA, demonstrated significant improvements in moderate-to-severe obstructive sleep apnea (OSA) patients with obesity, Eli Lilly said late Friday.
Tirzepatide achieved a mean reduction of up to 62.8% on the apnea-hypopnea index (AHI) and showed disease resolution in over 40% of participants, defined as having achieved fewer than five events per hour or a reduced Epworth Sleepiness Scale (ESS) score.
The weight loss outcomes were notable, with participants experiencing average reductions of 18.1% in OSA 1 and 20.1% in OSA 2. These promising results have laid the groundwork for potential label expansion, with Eli Lilly submitting tirzepatide for FDA approval for treating moderate-to-severe OSA and obesity, anticipated by year-end.
Analysts have responded positively on Monday. Cantor Fitzgerald reiterated an Overweight rating and price target of $885 and BofA Securities maintained a Buy rating with a $1,000 price target. Jefferies also maintained a Buy rating and raised its price target from $994 to $1,015.
It’s also worth noting that Eli Lilly’s board declared a third-quarter dividend of $1.30 per share on Monday. The quarterly dividend will be payable on Sept. 10 to shareholders of record as of Aug. 15.
LLY Price Action: Eli Lilly shares closed Monday up 0.76% at $890.11, according to Benzinga Pro.
See Also: Why ResMed Shares Are Trading Lower Monday
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Posted In: LLY
