The technical picture worsened for Eli Lilly stock in December as it completed a pattern known as a “Death Cross”. This pattern is drawn when a stock’s 50-day moving average breaks below its 200-day moving average. A Death Cross typically forecasts another 4-6 months of selling pressure for a stock.

Guggenheim analysts revised their price target for Eli Lilly (NYSE:LLY) shares, reducing it to $973.00 from the previous $995.00, while reiterating a Buy rating on the stock. According to InvestingPro data,

Key Takeaways Eli Lilly shares could remain under the microscope on Wednesday after falling sharply Tuesday as the pharmaceutical giant lowered its 2024 full-year revenue forecast.This tepid outlook adds to concerns about moderating demand for its flagship weigh-loss drugs.