Eli Lilly Stock Slips on FDA Approval Delay

The stock has been on a record-setting run

Laura McCandless

Deputy Editor

Mar 8, 2024 at 10:31 AM

Eli Lilly and Co (NYSE:LLY) stock is slipping today, after the U.S. Food & Drug Administration (FDA) delayed approving the drugmaker's Alzheimer’s drug, donanemab, which was expected to be approved this month, and called for an advisory panel. At last glance, LLY was down 1.7% at $766.79.

LLY has consistently seen record highs in 2024, most recently hitting a Mar. 4 all-time peak of $800.78. The stock's 20-day moving average has guided the shares higher since the start of the year, and is capturing today's minor pullback. The equity is up 31.2% so far in 2024.

On the analyst front, there is little room for any more optimism, as 19 of the 21 in coverage already consider LLY a "buy" or better, while just two say "hold." Price-target hikes could arise, however, as the 12-month consensus price target of $790.83 is a slim premium to current levels.

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