Pharma giant Eli Lilly said Friday it will unveil new test results for its biggest cancer drug, Verzenio, in June and LLY stock broke out to a fresh high.
The presentation will take place June 6 during the American Society for Clinical Oncology meeting in Chicago. Lilly is testing Verzenio in early-stage patients with high-risk breast cancer.
Further, the company said it plans to present data for another med, Retevmo, in patients with solid tumors and an abnormal RET gene, which creates problematic proteins. Lilly also has a Phase 1 test of an experimental medication, imlunestrant, to treat breast and uterine cancer.
On the stock market today, LLY stock rose 3.2% to 323.48. That pushed shares above a buy point at 314.10 out of a flat base, according to MarketSmith.com.
LLY Stock: Verzenio Test In Breast Cancer
Verzenio is Lilly's biggest cancer treatment. In the first quarter, sales surged 74% to $469.4 million. The only products that outperformed Verzenio in terms of growth were Covid antibodies.
Revenue from that Covid treatment soared 81% to $1.47 billion. LLY stock soared on April 28, the day it announced first-quarter results. Part of that was due to enthusiasm for its experimental obesity treatment.
Lilly tested Verzenio as an adjuvant treatment in patients with high-risk, early-stage breast cancer. Doctors give adjuvant drugs following primary treatment to lower the risk cancer will come back. Verzenio is already approved as an adjuvant treatment for some breast cancer patients.
The company also tested Retevmo in patients with tumors related to fusions in their RET genes. The FDA has already approved Retevmo for lung and thyroid cancers associated with the same gene. In the first quarter, Retevmo generated $41.8 million in sales.
Highly Rated Pharma Stock
LLY stock stands a chance of rising again on strong data June 5-6 during the oncology meeting. The stock is already a leader among pharmaceutical stocks.
Shares have a strong Relative Strength Rating of 96 out of a best-possible 99. This puts Lilly shares' performance over the past 12 months in the top 4% of all stocks.
Further, LLY stock has a matching Composite Rating, which means it leads 96% of all stocks in terms of fundamental and technical measures, according to IBD Digital.
Importantly, LLY stock also lands on several key IBD lists. Its stock is on IBD's Leaderboard and it ranks No. 17 on the IBD 50 list of elite growth stocks.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
