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Eli Lilly Shares Go Parabolic

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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Eli Lilly and Co (NYSE: LLY) shares were trading sharply higher by $4.10 (5 percent) at $86.36 in Thursday's session. There are two catalysts for this out of the ordinary move in the issue.

First of all, the company announced a UK court has ruled in its favor of in Alimta Vitamin regimen patent suit. Secondly, Bank of America upgraded the issue from Neutral to Buy.

The double dose of good news has propelled shares to move from Wednesday's close of $82.26 to $86.70 before falling back slightly.

The current high is just shy of its all-time high that was made on June 11 at $87.34. Its all-time closing high was made on that same day at $86.59.

Posted-In: Technicals Intraday Update Movers Trading Ideas

 

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