Eli Lilly Stock: Next Stop $2,000?
It's been a volatile year for Eli Lilly (NYSE: LLY). The company's shares trended lower through the end of April, dropping well below $900. However, the drugmaker's first-quarter update, released on April 30, jolted the stock. Eli Lilly has been on a bit of a run over the past two weeks, with its shares climbing above $1,000, as of this writing. Could the pharmaceutical leader keep the momentum going and eventually reach $2,000 per share anytime soon?
Eli Lilly's work in diabetes and weight loss is doing most of the heavy lifting right now. The company's financial results have been outstanding thanks to its dominance in the anti-obesity market. But within the next few years, more weight management medicines will enter the market. Here are several that investors should watch out for. First, Novo Nordisk -- Eli Lilly's biggest rival -- has already requested approval for its next-gen therapy, CagriSema, which could launch by the end of the year, pending approval. Novo Nordisk is also running phase 3 studies for a candidate called Amycretin.
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