Eli Lilly (LLY.US) stock plunged more than 8% after the drug maker announced its experimental treatment for Alzheimer’s called donanemab, modestly slowed decline in patients over an 18-month period in a mid-stage study. The data reinforced previously released top-line data that showed donanemab slowed the cognitive decline in patients with early symptoms of dementia. However the drug showed "no substantial difference" than a placebo in secondary outcomes like an improvement in scores on the Clinical Dementia Rating Scale Sum of Boxes. Company already initiated a second study of the treatment.
Eli Lilly (LLY.US) stock has been trading in a local sideways move recently, however sellers managed to break below the lower limit of the range today. If the current sentiment prevails, the downward move could be extended to the long-term upward trendline or even support $173.58, where the lower limit of the price gap from January is located. However if buyers will manage to halt declines, then another upward impulse toward resistance at $197.06 may be launched. Source: xStation5
