Eli Lilly And Co (NYSE: LLY)
Eli Lilly is having a rough day in the market today, and for good reason. The company has been involved in several pharmaceutical price increases, an activity at which Bernie Sanders took a hit today. Below, we’ll talk about what we’re seeing from the stock, why, and what we can expect to see from LLY ahead.
What We’re Seeing From LLY
As mentioned above, Eli Lilly isn’t having the strongest day in the market today. In fact, the stock has been trading in the red for the entire session and recently dove to lows following a message from Bernie Sanders. Currently (1:09), LLY is trading at $72.74 per share after a loss of $1.10 per share (1.49%) thus far today.
Why We’re Seeing The Declines
The recent spike downward has a lot to do with Eli Lilly’s actions with regard to price increases. Earlier this morning, Bernie Sanders said the following in a tweet:
“Why has the price of Humalog insulin gone up 700% in 20 years? It’s simple. The drug industry’s greed.”
With Humalog being an LLY product, the stock is taking a hit, as pricing pressure could be coming.
What We’ll Be Watching For Ahead
Moving forward, I’m not expecting this to have any long-term effect on the stock. The pricing issue has been raised several times through the entire biotech industry over the past couple of years. If reform happens, then we can expect declines, but at the current state, reform isn’t anywhere near.
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