The pharmaceutical giant raised its full-year revenue outlook by $3 billion
Eli Lilly And Co (NYSE:LLY) surpassed top- and bottom-line expectations for the second quarter, and lifted its full-year revenue outlook by $3 billion amid strong sales of weight loss drug and diabetes drugs Zepbound and Mounjaro. In response, LLY is up 11.6% to trade at $872.79 at last check.
Shares are on track for their best single-day percentage gain since August 2023, and sport a 45.9% year-to-date lead. Eli Lilly stock also blasted through the 20-day moving average right out of the gate, after pulling back below this trendline as it cooled off from its July 15, record high of $966.
An unwinding of pessimism in the options pits could boost LLY. Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security's 50-day put/call volume ratio of stands higher than 70% of annual readings.
Overall options volume is running at four times the intraday average amount, with 13,000 calls and 7,722 puts traded so far today. The most popular contract is the August 920 call, followed by the 820 call in the same series.