Study Fail Knocks LLY Stock Lower

Most analysts are still bullish on LLY stock

Digital Content Manager
Oct 16, 2019 at 9:44 AM
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The shares of Eli Lilly and Co (NYSE:LLY) are slipping today, thanks to a failed late-stage study of its pancreatic cancer treatment. The trial studied the effects of pegilodecakin combined with chemotherapy drugs, and it did not meet its primary goals. In response, LLY stock has lost 0.4% so far today to trade at $109.20.

LLY has been struggling to make a comeback since familiar pressure at its 200-day moving average knocked to the stock down a three-month low of $105.95 just last week. The equity seems to be running out of steam just below its 20-day moving average, too, leaving it at a roughly 6% year-to-date deficit. 

Analysts are holding out hope for the drugmaker, with five of the nine in coverage calling it a "strong buy." What's more, the 12-month consensus price target of $124.73 sits at a level not touched since April -- just below LLY's all-time highs 

Short sellers have been jumping off the bearish bandwagon too, with short interest down 13.9% in the last two reporting periods. Now, the 12.19 shares sold short represent a slim 1.4% of the stock's available float, or 3.4 days of trading at LLY's average pace.



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