Eli Lilly and Company [NYSE: LLY] disclosed Wednesday that it has submitted an application to the FDA for the emergency use authorization of COVID-19 monoclonal antibody treatment.
Emergency Use Authorization (EUA) is not a complete approval but it is a sort of regulatory authorization to accelerate the process of bringing new therapies to the market.
Eli Lilly has earlier disclosed that the self-governing candidate, LY-CoV555, has shown a promising result in the clinical trial. The drug candidate has reduced the rate of hospitalization.
Vaccine candidate has also shown the encouraging results as it reduced the viral infection in some mild to moderately ill COVID-19 patients.
Eli Lilly and Company [NYSE: LLY] shares traded up 2.97% during the trading session of Wednesday. It has a closing price of $148.41. The drug manufacturing company had a trading volume of 171.36K as compared to the average volume of 3.08 Million.
This company stock has changed between the 52-weeks low range of $101.36 and a high range of $170.75. It has moved up 46.42% from its 52-weeks low and moved down -13.08% from its 52-weeks high.
Looking at its liquidity, it has a current ratio of 1.20. This company market capitaliztaion has remained high, hitting $136.98 billion at the time of writing.
Eli Lilly revealed that it has the capability to produce the one million doses of monotherapy in the Q4. The company has shared the Phase II clinical results of LY-CoV555 and LY-CoV016, another antibody-based therapy, in 268 patients.
It has reported encouraging results as the candidates are proven to be useful in reducing the viral infection in patients.