Eli Lilly Stock Finishes Lower After News of Bond Sale to Fund Morphic Deal
MORFMorphic (MORF) Investopedia·2024-08-13 06:01

Key TakeawaysEli Lilly is selling bonds to fund the acquisition of drug developer Morphic. The sale is reportedly worth 5billion.ThecompanysstockwasupgradedbyDeutscheBankanalystsfollowingitsquarterlyresultslastweek.Lillysharesjumpedearlyinthedaybutclosedinthered.EliLilly(LLY)sharesfinishedMondaylowerafterabackandforthsessioninwhichananalystupgradesentthemhigherbeforenewsof5 billion. The company's stock was upgraded by Deutsche Bank analysts following its quarterly results last week.Lilly shares jumped early in the day but closed in the red. Eli Lilly (LLY) shares finished Monday lower after a back-and-forth session in which an analyst upgrade sent them higher before news of 5 billion in bond sales pulled them into the red. Deutsche Bank analysts called th ...