TLDR
Eli Lilly (LLY) stock rose 2.35% to $1,385.56 in pre-market trading on Monday.
Foundayo met the main goal of a late-stage sleep apnea study in obese adults.
The pill cut breathing interruptions by up to 44% on average at 52 weeks.
Jefferies raised its price target from $1,610 to $1,700, the highest on Wall Street.
The broker sees the non-U.S. patient pool at about twice the size of the American market.
Eli Lilly (LLY) had a busy Monday morning. The stock rose 2.35% to $1,385.56 in pre-market trading.
Eli Lilly and Company, LLY
Two pieces of news helped the move. One came from the lab, and the other came from Wall Street.
Lilly said its oral weight-loss drug Foundayo met the main goal of a late-stage study. The trial looked at obese adults with moderate-to-severe obstructive sleep apnea.
Eli Lilly reported positive Phase 3 results for Foundayo, its once-daily oral GLP-1, in adults with moderate-to-severe obstructive sleep apnea and obesity or overweight $LLY plans to submit Foundayo to the FDA for the treatment of obstructive sleep apnea by the end of 2026… pic.twitter.com/SaVRS7fawq
— Wall St Engine (@wallstengine) November 9, 2026
Foundayo cut breathing interruptions by up to 44% on average at 52 weeks. Lilly measured this with a diagnostic scale used to gauge how severe sleep apnea is.
Obstructive sleep apnea is a sleep disorder. The upper airway collapses again and again during sleep, which lowers oxygen levels and disrupts breathing.
A Pill Gets a New Job
Foundayo is best known as a weight-loss pill. This study tested it on a related health problem, which gives the drug a second story to tell.
The trial ran for 52 weeks, so the results reflect a full year of use. Lilly reported the headline figure as an average, with the 44% number marking the top end.
Jefferies Moves the Bar
On the Street, Jefferies raised its price target on Lilly from $1,610 to $1,700. That is now the highest target on Wall Street for the drugmaker.
The firm based its call on the market outside the United States. It says that market could be at least as large as the American one.
Why? There are far more high-income consumers abroad. Jefferies estimates the pool of potential patients outside the U.S. could be about twice the size of the American market.
The brokerage also pointed to several factors that could help Lilly. These include higher realized prices as patients move to higher doses and stronger margins outside the U.S.
It also named favorable economics for oral medicines. Lilly’s broad lineup of obesity treatments rounds out the list.
Jefferies took aim at a common view of the field. In its words, the main misconception is “treating GLP-1s as commodities.”
The firm says obesity is increasingly a consumer-driven market. Patients pick treatments based on efficacy, tolerability, convenience and price.
Jefferies also said Lilly does not need deep price cuts to spark demand in every market. Adoption abroad is expected to take longer than it did in the United States.
Investing.com data showed Lilly stock up 3.26% on the day at the time of its report. Lilly announced the sleep apnea results on Monday.
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