New York, Jan 20, 2026, 6:50 PM EST — After-hours
- Eli Lilly ended the day up and gained more in after-hours trading
- The FDA granted Breakthrough Therapy designation to Lilly’s sofetabart mipitecan
- Traders are watching closely for fresh analyst updates and the latest buzz on possible deals involving Lilly
Eli Lilly’s shares edged up 0.3% to close Tuesday at $1,041.29, then ticked 0.04% higher in after-hours action. The move followed news that the U.S. FDA granted Breakthrough Therapy designation to its ovarian cancer drug candidate, sofetabart mipitecan. 1
The change is slight, but it hits home as investors keep their eyes on Lilly’s pipeline beyond its blockbuster diabetes and obesity treatments. With the stock already factoring in perfect execution, even a hint of new growth potential makes an impact.
The designation focuses on a hard-to-treat group of adults with “platinum-resistant” ovarian cancer—where the disease comes back during or within six months after platinum chemotherapy—following certain prior treatments, the company said. 2
In its statement, Lilly pointed to the FDA’s “Breakthrough Therapy” designation to stress urgency. This program speeds up development and review when initial data suggests a notable improvement over current treatments. 3
“Platinum-resistant ovarian cancer remains one of the most challenging settings in gynecologic oncology,” said Bhavana Pothuri, professor at NYU Grossman School of Medicine, in the company’s statement. Lilly’s oncology chief, Jacob Van Naarden, described the breakthrough therapy designation as a clear sign of “significant unmet need” and pointed to plans for further testing. 4
The stock pushed higher even as U.S. markets struggled, with the Nasdaq Composite dropping 2.39% and the Dow slipping 1.76%, according to market data. 5
Guggenheim’s Seamus Fernandez kept his buy rating intact but trimmed the price target a bit, from $1,163 to $1,161. That tweak still implies room for gains above recent levels. 6
Whispers of a potential deal swirled, yet Abivax’s CEO dismissed French media chatter about Lilly’s supposed interest in acquiring the firm. He labeled it “noise” and made clear that no acquisition discussions are happening. 7
Lilly investors know this well: M&A rumors can surface suddenly and disappear just as fast when an official denial comes through. What’s rumored doesn’t always mean a deal is coming.
Risks persist: Breakthrough status isn’t a free pass to approval, and early cancer trial data frequently fails to replicate in larger, controlled settings. The Phase 1 report highlighted safety issues such as interstitial lung disease and neuropathy, but said early incidence seemed low. 8
Traders are poised to latch onto any updates about the trial timetable. Even sooner, the company’s upcoming earnings report is set for early February, per current market calendars. 9
