have really enjoyed the past year, watching the drug stock steadily rise from around $80 to an all-time high of $130.51 on March 4. The company just today announced positive trial data for its combination lung cancer treatment, Cyramza, and, separately, J.P. Morgan Securities initiated coverage with an"overweight" rating and $140 price target.
Looking closer at the analyst note, the brokerage firm suggested that LLY is better positioned than its large-cap peers thanks to a strong drug pipeline, as well as the potential to expand margins and benefit from a number of catalysts in the near term. More broadly speaking, the average price target on the shares is below current levels at $122, hinting at the potential for more price-target hikes.
What's more, Schaeffer's Senior Quantitative Analyst Rocky White points out that the 30-day moving average has caught up to the stock. The previous four pullbacks of this type have resulted in an average 21-day gain of 5.4% -- which would put the shares right back near their all-time high, since they last checked in at $123.84.It's also necessary to point out that there has been an extraordinary build-up in short interest on Eli Lilly.
There's a bearish tilt, too, in the options pits, judging by the Schaeffer's put/call open interest ratio of 1.08, which ranks in the top quartile of its annual range. This means near-term options traders are more put-skewed than normal at the moment.
Did these thieves jack up the price of insulin again?
Entertainment Entertainment Latest News, Entertainment Entertainment Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BuzzFeed - 🏆 730. / 51 Read more »