LLY - Why Roche Holdings Stock Popped Today
2024-04-11 18:33:21 ET
Shares of Swiss pharmaceuticals giant Roche Holdings (OTC: RHHBY) stock popped 2.5% in early trading Thursday before giving back about half of its gains.
Roche announced this morning that the U.S. Food and Drug Administration has awarded the "Breakthrough Device Designation" to its new Elecsys pTau217 plasma biomarker test for identifying amyloid pathology, a key feature of Alzheimer's disease. Roche stock closed the day up a modest 1.2%.
The test in question, which Roche is developing in cooperation with Eli Lilly (NYSE: LLY) wouldn't be an Alzheimer's cure , but rather a test to tell patients if they're at risk of developing the disease judging from the levels of amyloid plaques detected. Of greater importance for investors is the fact that awarding Breakthrough Device Designation status doesn't mean the FDA will ultimately approve the test.
For further details see:
Why Roche Holdings Stock Popped Today