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Eli Lilly Stock Gains 6% Driven By Positive Trial Results For Biogen's Alzheimer's Drug

Shares of Eli Lilly and Company (LLY) are gaining over 6% on Wednesday morning positively impacted by the news that its rival Biogen's (BIIB) Alzheimer's disease drug showed positive results in a late-stage trial.

LLY is currently trading at $329.83, up $18.73 or 6.02%, on the NYSE. The stock opened its trading at $309.15 after closing Tuesday's trading at $311.10. The stock has traded between $224.22 and $335.33 in the past 52-week period.

Biogen's stock soared over 40% on the news, while other drugmakers that are developing drugs for the disease are also trading higher.

Biogen and Eisai reported that its investigational Alzheimer's disease drug lecanemab could potentially slow the progression of the disease in a large global Phase 3 clinical trial.

Lecanemab treatment met the primary endpoint and reduced clinical decline on the global cognitive and functional scale, CDR-SB, compared with placebo at 18 months by 27%, which represents a treatment difference in the score change of -0.45 in the analysis of Intent-to-treat population. Starting as early as six months, across all time points, the treatment showed highly statistically significant changes in CDR-SB from baseline compared to placebo.

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