Eli Lilly Stock Hits New 52-Week High as FDA Panel Recommends Alzheimer’s Drug


  • Eli Lilly (LLY) stock is on the move Tuesday as it reaches a new 52-week high.
  • This comes alongside an FDA panel voting in favor of its Alzheimer’s drug.
  • Its likely this will result in the FDA approving the treatment.
LLY Stock - Eli Lilly Stock Hits New 52-Week High as FDA Panel Recommends Alzheimer’s Drug

Source: shutterstock.com/Michael Vi

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!

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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.

Article printed from InvestorPlace Media, https://investorplace.com/2024/06/eli-lilly-stock-hits-new-52-week-high-as-fda-panel-recommends-alzheimers-drug/.

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