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Is Eli Lilly Stock a Buy Following This Competitor's Major Win?

Is Eli Lilly Stock a Buy Following This Competitor's Major Win?

Eli Lilly (NYSE: LLY) was already having a great year in the stock market, but on Sept. 28, the company's shares jumped by about 7%. The move happened after biotech giant Biogen and its partner Esai reported positive top-line results from a phase 3 clinical trial for an Alzheimer's disease (AD) therapy candidate, lecanemab. Eli Lilly is working on its own AD treatment, donanemab, and the market counted Biogen's win as Eli Lilly's too.