NEW YORK (TheStreet) -- Shares of Eli Lilly (LLY) were falling 0.35% to $82.48 in midday trading Wednesday after the drug manufacturer and Incyte (INCY) announced they will present five abstracts at the 2015 annual meeting of the European League Against Rheumatism in Rome on June 10.
The five abstracts feature data from three clinical studies and separate pharmacology studies for the investigational rheumatoid arthritis drug baricitinib.
The companies said they previously released positive topline results for the RA-BEACON and RA-BUILD studies, which met primary endpoint of ACR20 at 12 weeks compared to placebos.
"With the prevalence of rheumatoid arthritis worldwide, Lilly is excited to share further information about baricitinib with the scientific community," David Ricks, Lilly senior vice president, and president of Lilly Bio-Medicines said in a statement. "Lilly remains committed to following the science to challenge convention and continuously improve outcomes."
Insight from TheStreet's Research Team:
Big pharmaceutical companies have shown some life this year, but their results have been rather spotty. Eli Lilly (LLY:NYSE) is an exception.
Eli Lilly is nearly 140 years old and one of the biggest names in the pharma space. It's always on the cusp of creating some of the most exciting drugs and therapies, with recent progress made on autoimmune drugs and insulin, diabetes and liver disease treatments. All in all, the stock has been beating all the competition to the punch and its performance has reflected that.
Lately, Eli Lilly's stock action has been extremely impressive. Note the stellar price moves on very strong turnover in the chart, which is exactly what we like to see.
In addition, we like the stock's Relative Strength, which is noted in the top pane. This tells us Eli Lilly has incredible demand and pricing power even with the weak tape (as it has been).
The Moving Average Convergence Divergence is extended but the recent pullback to the 10-day Moving Average is constructive. Likewise, the recent pullback in the %R indicator was a nice "bull retest," and it offered options traders a new opportunity to jump in and buy some options. See more analysis on LLY in this video.
DISCLOSURE: Trifecta Stocks has no position in LLY. This Alert is a technical analysis of the company's chart, and we are not taking any action at this time.
Separately, TheStreet Ratings team rates LILLY (ELI) & CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate LILLY (ELI) & CO (LLY) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income."
You can view the full analysis from the report here: LLY Ratings Report