Eli Lilly target raised to $1,294, following FDA approval of Fundayo

BofA analyst Jason Gerberry raised the Eli Lilly (LLY) price target to $1,294. The previous price target for the pharmaceutical firm was $1,293. This revision follows the April 2 FDA approval of the obesity drug Fundayo.

Projected sales for Fundayo are estimated to reach $14.8 billion. The company expects to hit this revenue milestone by 2030. Shipping begins next week through the LillyDirect platform and retail pharmacies.

Institutional firms IMS Investment Management Services Ltd. and Toth Financial Advisory Corp significantly increased their holdings. These investments signal rising confidence in the company's long-term growth prospects.