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Shares of Eli Lilly (LLY) were lower by 2.89% to $81.01 on heavy trading volume Tuesday afternoon, after the drug manufacturing company offered no new details as to when the FDA might approve its rheumatoid arthritis drug baricitinib.

The drug won European approval but U.S. regulators rejected it earlier this month. "The FDA specifically stated that additional clinical data are needed to determine the most appropriate doses and to further characterize safety concerns across treatment arms," the company said in a statement.

Eli Lilly was asked on a conference call if it believed it was likely the drug would be approved this year or next, Reuters reported.

"We can't give an estimate on this year or next until we meet with the FDA," the company responded.

Additionally, the company posted better than expected 2017 first quarter adjusted earnings of 98 cents per share on revenue of $5.23 billion. Revenue was roughly in-line with expectations, while EPS beat by 2 cents per share.

What will move markets this quarter and how should investors position themselves ahead of time? Jim Cramer sat down with four of TheStreet's top columnists recently to get their views. Click here to listen to his latest Trading Strategies roundtable with them and read their advice for stocks, bonds, forex and gold.)

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Eli Lilly Stock Falls on Continued Arthritis Drug Approval Delay - TheStreet.com

This entry was posted on April 26, 2017 at 10:41 am and is filed under Arthritis. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed. |