Eli Lilly And Co (NYSE: LLY)
Eli Lilly was off to a relatively normal start to the trading session today. While the stock was in the green all day, the gains really weren't anything special. That is, until minutes ago when the stock started soaring toward the top. Below, we'll talk about what we're seeing from the stock, why, and what we'll be watching for with regard to LLY ahead.
What We're Seeing From LLY
As mentioned above, Eli Lilly was off to a relatively normal start in the market today. With relatively small gains, there just wasn't anything exciting happening around the stock. Nonetheless, that all changed minutes ago as the stock started to soar. At the moment (1:13), LLY is trading at $67.82 per share after a gain of $1.85 per share or 2.80% thus far today.
Why The Stock Is Climbing
As usual, when we noticed that LLY was skyrocketing, the CNA Finance team started digging to see exactly what was causing the movement. It didn't take long to dig up the story. It seems as though the gains are being caused by news from the FDA with regard to one of the company's New Drug Applications.
At the moment, we're hearing news that the FDA has approved a new drug manufactured by Eli Lilly. This drug is known as Jardiance. The treatment is designed for adults with type 2 diabetes. Of course, any news of a product approval in the biotechnology space is great news. As a result, we're seeing gains in the value of the stock.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on LLY. First and foremost, we'll be watching for the official announcement from the company surrounding the approval. We're also excited to see what the next steps are as this product goes from clinical and regulatory stages to commercial. Nonetheless, we'll keep a close eye on the news and bring it to you as it breaks!
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