LLY - Why Eli Lilly Stock Flopped on Friday
2024-03-08 22:16:08 ET
Eli Lilly (NYSE: LLY) stock was on quite a roll this young year, but a new development shifted that momentum on Friday. The shares fell as much as 3.2% in price on Friday afternoon, following the news that a top regulator is delaying a decision on one of the company's most important drug candidates.
That regulator is none other than the U.S. government's powerful Food and Drug Administration (FDA). On Friday, Eli Lilly said that the FDA has unexpectedly pushed back its decision on Alzheimer's disease treatment donanemab.
The timing for this is unclear, as the FDA informed the company that it would convene a last-minute meeting of advisors to further review the drug's performance in a phase 3 trial, but did not specify when the meeting would occur.
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Why Eli Lilly Stock Flopped on Friday