Eli Lilly (LLY) closed at its first record high since November, pushing the company back above a $1 trillion market cap. The stock finished at $1,126.80, up 4.05% on the day, and is now up more than 25% from its March 30 low.
The driver? A drug called retatrutide — or “Reta” on Wall Street — that isn’t even approved yet.
Retatrutide is Lilly’s experimental next-generation obesity drug. It targets three hormone pathways involved in appetite, blood sugar regulation, and energy use. That sets it apart from Zepbound and Mounjaro, which target two pathways.
The Phase 3 TRIUMPH-1 trial data made a strong case for why investors are paying attention. Patients on the highest dose lost an average of 70.3 pounds, or 28.3% of body weight, over 80 weeks. More than 45% of participants on that dose lost at least 30% of their body weight — a threshold Lilly said has historically been associated with bariatric surgery outcomes.
Earlier results from May 21 also showed weight loss of more than 30% at 104 weeks in higher-BMI participants, along with improvements across cardiometabolic risk markers.
Wolfe Research called the results a new benchmark in next-generation obesity therapeutics and reiterated its Outperform rating on LLY, maintaining a $1,350 price target. The firm said the data strengthens Lilly’s position and differentiation within the GLP-1 market.
LLY has now gained more than 400% over the past five years, making it one of the clearest growth stories in healthcare.
Novo Nordisk (NVO) was also up 2.15% on the day, a sign the market is lifting the broader GLP-1 trade. Amgen (AMGN) and Viking Therapeutics (VKTX) are also in the obesity-drug race, but Lilly remains the name with the most market-cap weight behind it.
The day before the TRIUMPH-1 buzz, Lilly announced it had acquired Engage Biologics for up to $202 million. Engage is developing the Tethosome platform, a non-viral DNA delivery technology aimed at solving challenges around potency, tolerability, and repeat dosing.
The deal was structured as an upfront payment plus milestone-based payments tied to development progress.
The ripple effects from Lilly’s run are showing up across other sectors. Packaged food, alcohol, and restaurant names continue to face pressure from the broader GLP-1 narrative. Campbell’s (CPB) recently hit historic lows, while Diageo (DEO) and other alcohol names remain well below their peaks.
For now, the chart has one key level to watch: the old high near $1,100. LLY has already cleared it with Wednesday’s close at $1,126.80, putting the stock back in record territory.
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