Eli Lilly Stock Has Quadrupled in 3 Years. Could a Weight-Loss Drug Approval Make It Happen Again?
It's been a great year for Eli Lilly (NYSE: LLY) shareholders. In fact, it's been a great three years. Lilly stock has raced from a price of $130 per share at this time of year in 2020 to $568 now, peeling back just a bit from its early October record high of $629.97. Call it the perfect bullish storm.
The question is, can the stock do it again? The market's certainly excited about the prospect of Lilly's diabetes treatment Mounjaro also being approved as a weight-loss drug -- perhaps even before the end of this year.
Novo Nordisk's similar Wegovy won approval from the Food and Drug Administration as an obesity treatment back in 2021. And while that company's comparable Ozempic is only officially approved to treat type 2 diabetes, it's showing success as a weight-loss option as well. All of this bodes well for the potential approval of Lilly's Mounjaro as a means of fighting off fat.
Source Fool.com
