Eli Lilly and Co (NYSE:LLY) is getting a boost today, after news that the U.S. Food & Drug Administration (FDA) approved its cancer drug Retevmo for new uses, including treatment of patients with a sub-group of advanced tumor. LLY received an upgrade today as well, with UBS upping its rating to "buy" from "neutral." The firm added a price-target hike to $363 from $335, praising the company's new weight-loss drug, Mounjaro.
At last glance, LLY was up 2.2% to trade at $302.90. The stock yesterday pulled back to its lowest level in three months, though long-term support at the 160-day moving average prevented further losses. Year-to-date, the equity is up 7.3%.
Today's upgrade has UBS joining an optimistic brokerage bunch, as 19 of the 25 in coverage now carry a "buy" or better rating. Plus, the 12-month consensus price target of $346.00 is a 16.7% premium to last night's close.