Eli Lilly Stock Pops on Drug Efficacy for Sleep Apnea

LLY sports a whopping 106.1% year-over-year lead

Digital Content Manager
Apr 17, 2024 at 10:40 AM
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Eli Lilly And Co (NYSE:LLY) stock was last seen up 2.8% at $767.65, after the pharmaceutical giant said data from two late-stage trials showed its weight loss drug Zepbound helped reduce irregular breathing in patients with obstructive sleep apnea.

The security is on track to snap a four-day losing streak, and sports a whopping 106.1% year-over-year lead. Shares notched a March 4, all-time high of $800.78, with support from the $730 level, which has acted as a floor since early February.

Short-term options traders are already overwhelmingly bullish. In fact, Eli Lilly stock's Schaeffer's put/call open interest ratio (SOIR) of 0.62 ranks in the low 9th percentile of annual readings. 

Options volume is today running at double the intraday average, with 10,000 calls and 6,250 puts across the tape so far. The most active contract is the April 750 put, but the 470 call in that series is not too far behind in terms of popularity, both of which expire later this week.  

 

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