Why Eli Lilly Shares Are Rising Today

Eli Lilly And Co LLY shares are trading higher by 3.58% at $296.48 after the company announced the CHMP has issued a positive opinion for OLUMIANT for the treatment of adults with severe alopecia areata.

Eli Lilly says this opinion marks the first step toward European regulatory approval of OLUMIANT for patients with severe AA, and it is now referred to the European Commission for final action. 

Eli Lilly added, if approved, OLUMIANT would be the first centrally-authorized oral treatment and first JAK inhibitor for patients with severe AA in the European Union. The European Commission's decision is expected in the next one to two months.

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Eli Lilly is a drug firm with a focus on neuroscience, endocrinology, cancer and immunology.

According to data from Benzinga Pro, Eli Lilly has a 52-week high of $314.00 and a 52-week low of $193.11.