Eli Lilly (NYSE:LLY) shares rose 1.6% to $1,155.96 in premarket trading on Tuesday after Berenberg upgraded the pharmaceutical company to Buy from Hold and raised its price target.
The broker increased its target to $1,400 from $1,220, citing Lilly’s position in the obesity and diabetes treatment markets, including its Zepbound and Mounjaro products.
Berenberg also identified the anticipated diabetes approval of Lilly’s oral GLP-1 drug Foundayo as a potential contributor to demand.
The analyst consensus recommendation on Lilly is Buy, with an average price target of approximately $1,300, according to the supplied information.
Foundayo Takes More Than 30% of New Oral Obesity Patients
Separately, Lilly provided an update on Foundayo at the Morgan Stanley Global Healthcare Conference on Monday.
The company said the drug has accounted for more than 30% of new patients in the US oral obesity treatment market since its launch in April 2026.
Foundayo entered the market approximately three months after Novo Nordisk’s competing oral Wegovy treatment.
Lilly also said its Medicare Bridge programme, which provides eligible patients access to its weight-loss treatments for a $50 monthly copay, has reached approximately 600,000 enrolments.
Lilly Holds About 61% of Obesity Market, IQVIA Data Shows
IQVIA data cited in the supplied information showed Lilly with approximately 60.9% of the obesity treatment market, compared with 38.8% for Novo Nordisk.
The figures provide additional context for Berenberg’s assessment of Lilly’s position in the market but do not determine future market share or product demand.
Lilly’s premarket gain came as broader US equity futures traded slightly lower ahead of the Federal Reserve’s September policy meeting. The S&P 500 declined 0.2%, the Dow Jones fell 0.3% and the Nasdaq was down 0.1%.
Investors are awaiting the Federal Reserve meeting for further indications about the US interest-rate outlook.
Eli Lilly stock price
