Shares of Eli Lilly (NYSE: LLY) were soaring 10.7% as of 3:37 p.m. EDT on Monday. The big jump came after the Food and Drug Administration (FDA) approved Biogen 's (NASDAQ: BIIB) aducanumab (Aduhelm) in treating Alzheimer's disease.
Why was Biogen's good news such a strong catalyst for Lilly? The big pharma stock rose because investors are hoping that the FDA approval of aducanumab improves the likelihood that Lilly will also win approval for its Alzheimer's disease drug candidate donanemab.
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Why Eli Lilly Stock Soared Today