Eli Lilly (NYSE:LLY) stock is continuing a recent rally over the last year as a U.S. Food and Drug Administration (FDA) panel signs off on its Alzheimer’s drug.
The FDA panel voted unanimously in favor of Eli Lilly’s donanemab in a recent meeting. While the FDA doesn’t have to follow the advice of the panel, this does make it likely that the regulator will approve the drug.
News of the potential approval of donanemab has analysts excited about LLY stock. Wells Fargo analysts noted this panel vote is good news for the company. Bank of America backed this up by reiterating its “buy” rating for the company’s shares.
LLY stock is getting a slight boost on Tuesday morning alongside this news. When the actual approval comes from the FDA, it will likely be a major catalyst for shares. The stock has already reached a new 52-week high already.
LLY Stock Sale
One thing that might be weighing on LLY stock today is insider selling. Lilly Endowment, a 10% shareholder in the company, recently sold Eli Lilly shares.
A series of transactions resulted in the firm offloading 139,490 shares of the stock on June 7. The average sale price for these shares ranged from $851.291 each to $856.384 each. Lilly Endowment still owns 97.86 million shares of LLY stock after these sales.
Investors looking for more of the most recent stock market stories are in luck!
We have all of the hottest stock market news that traders need to know about on Tuesday! A few examples include what’s going on with Northrop Grumman (NYSE:NOC) layoffs a new Chief Financial Officer at OpenAI and more. All of this info is ready to go at the links below!
More Stock Market News for Tuesday
- Northrop Grumman Layoffs 2024: What to Know About the Latest NOC Job Cuts
- OpenAI IPO? New CFO Announcement Raises IPO Intrigue
- Why Is CoreCivic (CXW) Stock Down 26% Today?
On the date of publication, William White did not hold (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.
