What Happened?
Shares of global pharmaceutical company Eli Lilly (NYSE: LLY) jumped 15.3% in the morning session after results from a Phase 3 trial showed that its experimental drug, Orforglipron, performed significantly well in helping patients manage obesity and diabetes. The stock's reaction suggested that investors were optimistic that, if approved, Lilly could scale production quickly and tap into the fast-growing diabetes and obesity markets.
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What The Market Is Telling Us
Eli Lilly’s shares are not very volatile and have only had 8 moves greater than 5% over the last year. Moves this big are rare for Eli Lilly and indicate this news significantly impacted the market’s perception of the business.
Eli Lilly is up 7.9% since the beginning of the year, but at $839.36 per share, it is still trading 12.6% below its 52-week high of $960.02 from August 2024. Investors who bought $1,000 worth of Eli Lilly’s shares 5 years ago would now be looking at an investment worth $5,336.
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