Lilly Shares Rally To Near 15-year High On Diabetes Drug Study Results

Eli Lilly & Co. shares rallied to their highest level in nearly 15 years Thursday after the drug maker said a study showed one of its treatments significantly reduced the risk of cardiovascular death in diabetes patients. Lilly shares jumped 6.3% to $89.74 on above-average volume. Lilly shares had reached an intraday high of $90.46 Thursday, their highest price since January 2001. Partnered with pharma company Boehringer Ingelheim, Lilly said the drug Jardiance reduced the risk of cadiovascular death by 38% in diabetes patients compared with a placebo in a clinical study. Results of the study were published in the New England Journal of Medicine on Thursday.