Eli Lilly and Company provided an update on a new Phase 2 clinical trial for its experimental Type 2 diabetes drug, LY3938577. The randomized, open-label, comparator-controlled study will evaluate the efficacy and safety of LY3938577 against degludec in patients who have been previously treated with basal insulin. The study is not yet recruiting participants as of the announcement. On the same day, Goldman Sachs adjusted its price target for Eli Lilly to $879 from $876, maintaining a buy rating on the stock.