Eli Lilly Stock Cools Despite Big Cancer Investment

LLY boasts a 64.2% year-over-year lead

Digital Content Manager
Oct 3, 2023 at 10:43 AM
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Eli Lilly And Co (NYSE: LLY) stock is down 2.5% to trade at $525.97 at last check, after the pharma company announced the acquisition of Point Biopharma Global (PNT) for $1.4 billion in an all-cash deal, or roughly $12.50 per share. The acquisition gives Eli Lilly access to the latter's experimental radioligand therapies that target cancer.

LLY shares are trading at their lowest level since mid-August, after pulling back 13% from their Sept. 14, all-time high of $601.76. The 60-day moving average looks ready to contain today's dip, however, and the stock remains up 44.3% in 2023, while also boasting a 64.2% year-over-year lead.

Short-term options traders aren't even fazed.  Eli Lilly stock's Schaeffer's put/call open interest ratio (SOIR) of 0.83 ranks lower than all readings from the past 12 months. indicating that such a call open interest skew is rare in the last year.

Now looks like a great opportunity to weigh in on LLY's next move with options, per the security's Schaeffer's Volatility Scorecard (SVS), which sits at an elevated 76 out of 100, suggesting it has exceeded option traders' volatility expectations during the past year. 


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