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Greene County, Indiana ~ Sunday, September 7, 2008
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What's Up at Eli Lilly?
Posted Wednesday, February 27, 2008, at 11:05 AM<< Previous | Read comments | Respond | Email link | Next >>
High-ranking executives at Eli Lilly and Company (LLY) sold off nearly $6.5 million of the company's stock in the first part of February of this year. Their actions are more peculiar when you consider that quarterly dividends would have been paid on the shares for those owners of record on February 13, 2008, but they had already sold by then, according to shareholder disclosures.
It also seems odd that Lilly execs would unload such a sizeable amount of shares near the company's 52-week low of $49.09, which occurred 11/21/07, as all of their shares were sold in the mid-$51 range. (The 52-week high was $61.00 on 04/20/07.)
Do they know something that the general public doesn't, or are there valid explanations for the sales? Could the shares be headed even lower?
Couple that with the fact that these sales come on the coattails of a large sell-off by The Lilly Endowment of $20.8 million of LLY shares in September 2007, and you have to scratch your head a little. While the Endowment explained the sale as their way of better diversifying their portfolio, only time will tell if there may have been other reasons for everyone "in the know" to be selling off shares of the company.
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News stories this morning report that Eli Lilly is ceasing its inhaled insulin program, known as AIR Insulin, which has been in the late-stages of clinical development as a treatment for diabetics. No doubt, this is a costly decision, as tremendous amounts have been spent with no end-product to market to recoup these development costs.
The latest news reports state that the State of Alaska has begun its opening arguments in a court case against Eli Lilly & Company for what the state is calling inadequate side-effect warnings for the company's blockbuster drug Zyprexa. The state is suing in hopes to recover money it says it paid for Medicaid patients, who suffered from other serious medical issues after taking Zyprexa, due to its undisclosed side-effects.
Is more bad news to come?
yes it was not the insider trading that got her in so deep.
THIS SOUNDS Like a Duck, lets see if anyone eles things it is OH wait it will not even get looked at will it?
I would say someone knew something didnt they?
That's how it started out. I believe most of her troubles came after she lied about it (conspiracy, obstruction of an agency proceeding, and making false statements), and that's what she actually served time for.
Insider trading here? Isn't this what sent Martha Stewart behind bars?
UPDATE: Since this post the FDA rejected a long-acting, injectable form of Lilly's blockbuster schizophrenia drug, called Zyprexa. The company announcement of this on Thursday sent its shares down 2%. Will more bad news be on the way?