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Eli Lilly And Co’s (LLY) stock saw a notable surge, trading at $610.50, up 1.69% (+$10.14) today, following the Food and Drug Administration’s (FDA) approval of their blockbuster drug tirzepatide for weight loss.Eli Lilly is a major player in the pharmaceutical industry and the approval opens the door for a wider range of applications for this medication, marketed as Zepbound, in the United States.LLY stock price movementToday’s LLY stock price surge reflects the market’s positive response to the FDA’s decision.However, the stock’s day range extended from $592.18 to $613.00, showcasing significant intraday fluctuations. With a 52-week range of $309.20 to $629.97 and a market cap of $579.20 billion.FDA approves Tirzepatide drug for weight lossThe FDA’s recent approval of Eli Lilly’s tirzepatide for weight loss marks a significant milestone for the pharmaceutical company.Tirzepatide, initially approved in May 2022 for the treatment of Type 2 diabetes under the name Mounjaro, can now be used by adults who are overweight or obese and have at least one weight-related condition for chronic weight management, under the name Zepbound.Before this FDA approval, many individuals were using tirzepatide off-label for weight loss, contributing to the high demand for weight loss treatments. This demand surge has also affected other weight loss medications in the market, such as Novo Nordisk’s Wegovy and Ozempic.Eli Lilly’s move into the obesity drug market positions them as a strong competitor to Novo Nordisk. Analysts predict the obesity drug market could grow to a $100 billion industry by 2030. The increasing use of these drugs has raised questions about their broader industry impact.With obesity affecting approximately 40% of the US adult population and an estimated 650 million adults globally, the FDA’s approval addresses a pressing medical need. The newly approved Zepbound is administered through weekly injections and requires gradual dosage adjustments to achieve target doses of 5, 10, or 15 milligrams per week.While the approval is a significant development, access to tirzepatide and other obesity treatments remains a challenge, given the cost implications and the criteria set by insurance companies for coverage. Nevertheless, the market continues to evolve, with recent data suggesting potential long-lasting health benefits beyond weight loss.More By This Author:Disney Stock Slides Ahead Of Fourth-Quarter Earnings Report Brent Crude Oil Price Forecast: Technical Analysis Dell Stock Eyes September Record High As Bullish Bets Grow Ahead Of Quarter Earnings