Eli Lilly (NYSE:LLY) stock is soaring higher on Thursday following news of a decision from the U.S. Food and Drug Administration (FDA) for its new Alzheimer’s drug.
A recent press release reveals that the FDA has granted Breakthrough Therapy designation for donanemab. This is Eli Lilly’s antibody that targets “a modified form of beta amyloid called N3pG.”
According to the most recent news from the company, the FDA is granting Breakthrough Therapy designation to the drug due to its Phase 2 trial data. Breakthrough Therapy designation is given to drugs that show potential to treat conditions better than what current drugs on the market are capable of.
Eli Lilly also points out that it’s currently handling Phase 3 clinical trials of donanemab. These trials have it testing for the safety, tolerability, and efficacy of the treatment while still evaluating its effectiveness in treating Alzheimer’s.
Eli Lilly says that it intends to move forward with the development of its Alzheimer’s drug. That includes submitting “a biologics license application (BLA) for donanemab under the accelerated approval pathway later this year based on data from TRAILBLAZER-ALZ.”
LLY stock is experiencing heavy trading today on its Alzheimer’s drug news. That has more than 5.9 million shares of the stock changing hands as of this writing. That’s a jump from the company’s daily average trading volume of 3.3 million shares.
LLY stock was up 8.1% as of Thursday morning and is up 41.6% since the start of the year.
There’s loads of other news for Thursday that stock traders need to be aware of.
InvestorPlace has this news ready to go with our daily coverage of the stock market. That includes the latest details that have shares of Clover Health Investments (NASDAQ:CLOV), Marin Software (NASDAQ:MRIN), and Palantir (NYSE:PLTR) stocks on the move today. You can learn all about these topics by checking out the links below!
More Stock Market News for Thursday
- CLOV Stock: The Expansion News Giving Clover Health a Pop Today
- MRIN Stock: Why Marin Software Is Rocketing 60% Higher Today
- PLTR Stock: The Partnership News Palantir Fans Should Be Cheering Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.