US Stock Market Move | Concept of weight-loss drugs is on the rise, Eli Lilly (LLY.US) up over 4% to break historical high.

On Wednesday, the concept of weight loss drugs rose, with Eli Lilly (LLY.US) rising over 4% to break a historical high, Amgen (AMGN.US) rising over 3%, Novo Nordisk A/S Sponsored ADR Class B (NVO.US) and Pfizer Inc. (PFE.US) rising over 1%. On the news front, it was reported that Eli Lilly is close to reaching a deal to acquire Ventyx Biosciences for over $1 billion to expand its research pipeline in the areas of inflammatory bowel disease and neurodegenerative diseases, with the deal potentially being announced soon. Additionally, UBS Group AG maintained a buy rating on Eli Lilly's stock and raised the target price to $1250.