Eli Lilly ( LLY) NewsBite - Elli Lilly Rises on Positive Diabetes Drug Results

Tuesday, September 09, 2008 10:07 AM EDT

Eli Lilly (NYSE: LLY) opened at $46.21. So far today, the stock has hit a low of $46.21 and a high of $47.88. LLY is now trading at $47.20, up $0.53 (1.14%). The stock hit its 52-Week high of $59.82 in July and set its 52-Week low of $45.12 in September. Eli Lilly and Amylin Pharmaceuticals Inc. (AMLN) announced today their diabetes drug Byetta worked better at reducing blood-sugar levels following a meal compared with Merck & Co. (MRK)'s Januvia. Technical indicators for the stock are bullish and S&P gives LLY a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on LLY the stock seems like it could be a candidate for an October out-of-the-money bull-put credit spread below the 45 range. [ABR-Seven Summits Strategic Investments NewsBite]

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