Why Eli Lilly Stock Popped Today

Eli Lilly (NYSE: LLY) stock defied today's market downturn, rising 2.6% through 11:15 a.m. ET on the back of two positive press releases.

In one, Lilly announced plans to acquire the farnesoid X receptor (FXR) program of clinical-stage biotech (NASDAQ: ONVO), including its lead asset, FXR314, a drug that aims to treat ulcerative colitis and metabolic dysfunction-associated steatohepatitis (MASH).

In an unrelated announcement, Lilly said it has cut the price for 2.5-milligram and 5-mg vial doses of its Zepbound (tirzepatide) GLP-1 weight loss drug. Lilly also launched larger-dose vials of 7.5 mg and 10 mg, respectively, each costing $499 per one-month supply.

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Source Fool.com