BMO Capital tells investors in a research note that the FDA approval of Eli Lilly’s (LLY) Orforglipron, now Foundayo, marks a major positive milestone in the evolution of the company’s obesity and metabolic franchise, and Lilly is now positioned to compete with Novo’s (NVO) Wegovy pill, which has had a “record-breaking” start to its launch. The firm, which has an Outperform rating and $1,300 price target on Eli Lilly shares, expects the stock to react positively throughout the day, with a slight negative drag to Novo Nordisk.
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