Movement Alert｜CVS Health Rises 3.09% in Regular Trading, Investment Bank Raises Target Price Amid Formulary Expansion for Weight-Loss Drugs

Market Focus06-04 00:05

On June 4, CVS Health rose 3.09% in regular trading, trading at $92.31 per share, with trading volume of $154 million. Multiple positive catalysts converged to drive the stock higher.

On the news front, Truist raised its target price for CVS Health from $102 to $108, maintaining a buy rating. According to FactSet, the stock carries an average overweight rating with a mean price target of $100.92 among polled analysts.

Additionally, CVS Health announced that its pharmacy benefit management unit CVS Caremark will update its commercial formulary, restoring coverage for Eli Lilly's weight-loss injectable Zepbound as a preferred option starting October 1, while also lifting restrictions on the new daily oral weight-loss therapy Foundayo effective June 1. The company stated these updates follow successful negotiations with manufacturers to lower expenses in the highly requested GLP-1 medication category, aiming to provide plan members with broader access to weight management treatments. Market analysts note this move intensifies competition between Eli Lilly and Novo Nordisk in the obesity drug market.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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