• Scotiabank sets a new price target for Eli Lilly (NYSE:LLY) at $1,300, indicating a potential 25.35% rise.
• Hims & Hers plans to launch a cheaper version of the Wegovy pill, impacting Eli Lilly and Novo Nordisk's stock prices.
• Despite a recent 7.41% decrease in stock price, Scotiabank's target suggests optimism for Eli Lilly's long-term growth.

Eli Lilly (NYSE:LLY) is a prominent pharmaceutical company known for its innovative medicines and therapies. On February 5, 2026, Scotiabank set a new price target for LLY at $1,300, a significant increase from its trading price of $1,037.13. This target suggests a potential 25.35% rise, indicating strong confidence in the company's future performance.

However, recent developments have impacted Eli Lilly's stock. Following an announcement by Hims & Hers, a telehealth company, Eli Lilly's stock price fell by 6.1%. Hims & Hers plans to launch a cheaper version of the Wegovy pill. This move has created competitive pressure on both Eli Lilly and Novo Nordisk.

Novo Nordisk, a key competitor, saw its shares drop by 7% after the announcement. The company had recently introduced the Wegovy pill in the U.S., with 170,000 users already. Despite semaglutide's patent protection until 2032, Hims & Hers claims its version is legal due to a different formulation and delivery system.

Eli Lilly's stock is currently priced at $1,025.08, reflecting a 7.41% decrease, equivalent to a drop of $82.04. The stock's trading range for the day was between $1,018.82 and $1,073.49. Over the past year, LLY has experienced a high of $1,133.95 and a low of $623.78, with a market capitalization of approximately $918.94 billion.

The trading volume for LLY today is 3,776,569 shares. Despite the recent decline, Scotiabank's price target suggests optimism for Eli Lilly's long-term growth. The company's ability to navigate competitive challenges and maintain its market position will be crucial in achieving this target.