Benzinga | Sep 29, 2021 03:09PM EDT

Why Eli Lilly Shares Are Moving Higher Today

Eli Lilly And Co (NYSE:LLY) is trading higher Wednesday after Citigroup analyst Andrew Baum upgraded the stock from a Neutral rating to a Buy rating and raised the price target from $210 to $265.

Baum cited valuation as a reason for the upgrade following a recent 15% decline in Eli Lilly shares.

The Citigroup analyst remains optimistic on the pending outcome of the company's TRAILBLAZER-ALZ2 data set, which is expected in the first quarter of 2023.

Eli Lilly is a drug firm with a focus on neuroscience, endocrinology, oncology and immunology. The company's key products include Alimta and Verzenio for cancer; Jardiance, Trulicity, Humalog and Humulin for diabetes; and Taltz and Olumiant for immunology.

LLY Price Action: Eli Lilly has traded as high as $275.87 and as low as $129.21 over a 52-week period.

The stock was up 4.14% at $230.78 at time of publication.

Photo: Paul Sableman from Flickr.