What's Going On With Eli Lilly Stock Shooting Higher Today

Eli Lilly And Co LLY shares are trading higher by 7.60% to $334.75 during Wednesday's pre-market session after Biogen Inc BIIB and Eisai Co. Ltd. announced late Tuesday positive results from a late-stage study of their Alzheimer’s treatment candidate.

Eli Lilly's donanemab, an investigational antibody therapy for Alzheimer's disease, is in trial to treat early symptoms of Alzheimer's disease.

What Happened?

Biogen and Eisai announced Lecanemab treatment met the primary endpoint and reduced clinical decline on the global cognitive and functional scale, CDR-SB, compared with placebo at 18 months by 27%, which represents a treatment difference in the score change of -0.45 (p=0.00005) in the analysis of Intent-to-treat (ITT) population.

The companies said starting as early as six months, across all time points, the treatment showed highly statistically significant changes in CDR-SB from baseline compared to placebo (all p-values are less than 0.01).

In addition, all key secondary endpoints were also met with highly statistically significant results compared with placebo (p<0.01).

"Today's announcement gives patients and their families hope that lecanemab, if approved, can potentially slow the progression of Alzheimer's disease, and provide a clinically meaningful impact on cognition and function," said Michel Vounatsos, Chief Executive Officer at Biogen.

According to data from Benzinga Pro, Eli Lilly has a 52-week high of $335.33 and a 52-week low of $220.20.