A Smash Hit of the Week: Eli Lilly
Eli Lilly (LLY) is taking the lead by far in this week's race of corporate earnings. The company impressed investors, and its stocks prices soared from $454.08 to $521.60 during only one trading session on August 8, a nearly 15% to a strong upside sentiment, which doubled the market capitalisation of the company amid the success of its new diabetes drug Mounjaro. The shareholders are also waiting for positive updates from Eli Lilly (LLY) around the regulatory approval process for its treatment for Alzheimer's disease. None of drug makers has a proven an effect of the medicine so far even for this disease of the millennium. Demand for the company's medicines is still high, beating consensus profit estimates for the recent quarter, which allowed to set a higher bar for full-year earnings forecast. An initial intraday high was 3.14% up at $538 per share. A retest of this level looks highly likely, and then the stock may start to nest within a new and higher stratospheric range. A chance for some price adjustment is always here, of course, yet reversal scenarios may look rather futuristic amid many upside fundamental factors.
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