UBS analyst Michael Yee reiterated a Buy rating and $1,250.00 price target on Eli Lilly (NYSE: LLY).

The analyst commented, "LLY announced the acquisition of Phase I private in-vivo CAR-T company Kelonia Therapeutics for $3.25B upfront - the lead asset is a BCMA CAR-T in multiple myeloma. This deal follows other acquisitions in the in vivo CAR-T space which we believe has promising potential across both oncology and autoimmune diseases - we note LLY previously also acquired Orna Therapeutics in Feb which has an in-vivo CAR-T pipeline focused on autoimmune diseases. This is an early-stage deal that we view as constructive and (+) to con't to expand and diversify the pipeline for long-term growth beyond the GLP-1 franchise."

For an analyst ratings summary and ratings history on Eli Lilly click here. For more ratings news on Eli Lilly click here.

Shares of Eli Lilly closed at $919.90 yesterday.