Eli Lilly receives FDA clearance for type 2 diabetes drug: Will LLY hold $1,171 support?

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Parshwa Turakhiya

28.08.2026

Eli Lilly receives FDA clearance for type 2 diabetes drug: Will LLY hold $1,171 support? — Eli Lilly stock falls 1.1% today

The FDA approved a new use for an Eli Lilly medicine to reduce the risk of major adverse cardiovascular events in adults with type 2 diabetes at high risk for these complications. The stock is down 1.1% on the day at $1,175.

LLY price prediction

24H 0.15%

$1,420.58

48H 0.12%

$1,420.16

7D 0.75%

$1,429.09

1M 14.58%

$1,625.23

3M 38.1%

$1,958.87

6M 22.08%

$1,731.65

12M 47.28%

$2,089.03

Current price: $1,418.41 9.03 0.64%

Real-time Data 15:03

Daily range 1393.47

1437.00

Weekly range 1360.97

1437.00

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Highlights

The FDA approved Eli Lilly's Mounjaro to reduce major cardiovascular event risk in adults with type 2 diabetes at high risk.
Shares of Eli Lilly are down 1.1% on the day at $1,175.
91 of 117 analysts rate Eli Lilly stock a buy, with a median target of $1,344, 14.2% above the current price.

The company said the FDA cleared a new use for one of its type 2 diabetes drugs to help lower the risk of major adverse cardiovascular events in adults living with type 2 diabetes who are at high risk. PR Newswire reported that the medicine is Mounjaro (tirzepatide), which targets cardiovascular risk reduction in this patient group. According to the same source, as many as one in three adults in the U.S. with type 2 diabetes have undetected cardiovascular disease.

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Split technical structure as price tests weekly support amid oversold signal

Price action in Eli Lilly stock is currently shaped by the loss of the MA-50 at $1,185 during the session. The stock is now positioned below both the MA-20 and MA-50, but remains above the MA-200, reflecting a split daily structure. Price is also sitting right at support from the weekly low at $1,171, while the Stoch RSI is in oversold territory, which limits further downside and supports the potential for stabilization.

Upside probability holds after sharp drop as traders watch $1,185

Traders should watch for a close above $1,185 to signal that buyers are willing to follow through. Earlier in the session, Eli Lilly stock slipped below $1,185 after closing above it. The past week has seen a sharp move lower without a sustained trend, but from here, upside probability stands at 57% and downside at 43%, with an expected trading range between $1,131 and $1,220 for the coming trading week. A drop below $1,171 would indicate the recent move is being faded. On the weekly chart the longer-term picture stays constructive.

Previously it was reported that Eli Lilly maintained a constructive long-term technical outlook, with recent sessions characterized by mixed short-term signals and limited downside risk. The latest FDA approval for Mounjaro introduces a new fundamental catalyst, making the $1,171 support level pivotal to watch for signs of stabilization or renewed selling pressure.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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