BMO Capital Affirms Eli Lilly (LLY)'s 'Outperform' Rating on Weight Loss Drug Prospects

Eli Lilly and Company (NYSE:LLY) is one of the top stock picks in Ken Griffin’s portfolio. On August 27, BMO Capital reiterated its ‘Outperform’ rating with a $840 price target for the stock. The positive stance comes on the pharmaceutical giant delivering positive ATTAIN-2 clinical trial results for the weight loss drug orforglipron.

The ATTAIN-2 study showed peak placebo-adjusted weight loss of 8.3% in obese patients with type 2 diabetes. The positive results have set up orforglipron for a potential US Food and Drug Administration filing by the end of the year.

BMO Capital remains confident that orforglipron has the potential to strengthen Eli Lilly’s prospects in the weight loss market. It thus expects the company’s shares to trade higher as investors’ expectations have been reset following the previous ATTAIN-1 results.

Eli Lilly and Company (NYSE:LLY) is a global pharmaceutical company that discovers, develops, manufactures, and markets prescription medicines to improve human health, with a focus on therapeutic areas such as diabetes, oncology, immunology, and neuroscience.

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Disclosure: None. This article is originally published at Insider Monkey.