Why Eli Lilly and Company Shares Are Moving Lower On Thursday

Eli Lilly and Company LLY stock is trading lower on Thursday after Viking Therapeutics, Inc. VKTX announced the advancement of its novel treatment for obesity, VK2735.

The Details: Viking is advancing the injectable form of VK2735 to Phase 3 after receiving written feedback from an FDA Type C meeting. Also, the Phase 2 venture study of the drug yielded promising results.

VK2735 demonstrated an approximately 15% reduction in body weight from baseline following 13 weeks of treatment. The company anticipates scheduling an end-of-Phase 2 meeting with the FDA later this year.

In addition, the Phase 1 study for the oral formulation of VK2735 demonstrated positive results. Participants reported a mean weight loss of up to 5.3% from baseline following 28 days of daily oral dosing. The company expects to start a Phase 2 study of this formulation during the fourth quarter of 2024.

Both forms of the new pharmaceutical appeared to be safe and well tolerated.

Related Link: Sanofi Raises 2024 Profit Outlook On Strong Q2 Earnings, Blockbuster Drug Dupixent Sees Strong Demand

LLY Price Action: As of Thursday morning, Eli Lilly shares are trading 4.19% lower at $823.87 per data from Benzinga Pro.

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