Eli Lilly Picks Amazon as Drug Delivery Partner

Options traders lean bullish toward LLY

Fernanda Horner

Digital Content Manager

Mar 13, 2024 at 10:08 AM

AMZN
LLY

Eli Lilly And Co (NYSE:LLY) today announced a new partnership with Amazon.com's (AMZN) pharmacy to deliver drugs ordered via its LillyDirect service, including weight loss medication Zepbound, straight to consumers. The stock is down 0.4% at $751.86 at last check, with today's update also weighing on Walgreens Boots Alliance (WBA), which last month lost its spot on the Dow Jones Industrial Average (DJIA) to AMZN.

The $720 level emerged as a floor for Eli Lilly stock after it hit a March 4, record high of $800.78, which contributed to its impressive 130.8% year-over-year lead. The 40-day moving average has also been acting as a consistent level of support so far this year.

Short-term options traders have been much more bullish than usual. This is per LLY's Schaeffer's put/call open interest ratio (SOIR) of 0.67 that sits higher than 5% of annual readings.

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