Shares of Eli Lilly & Co. (LLY) gained 0.6% in premarket trading on Wednesday, the day after the National Institutes of Health said it plans to study whether several experimental monoclonal antibodies can treat hospitalized COVID-19 patients. The first therapy to be studied in the Phase 3 randomized, controlled trial is Lilly's LY-CoV555, an antibody that was first detected in a blood sample from a recovered COVID-19 patient. Researchers will evaluate whether the therapy is efficacious in 300 people who have mild or moderate symptoms of COVID-19. Lilly is developing the therapy in partnership with the privately held Abcellera Biologics. Patients in the trial will be given LY-CoV555 or placebo, and all patients will receive the standard of care, which includes Gilead Sciences Inc.'s (GILD) remdesivir. The Food and Drug Administration granted remdesivir an emergency use authorization in May as a treatment for COVID-19 patients. Lilly announced ( ) earlier this week that is testing the investigational antibody treatment in a trial to see if it can prevent COVID-19 infections in residents and workers in nursing homes. Lilly's stock is up 17.8% so far this year, while the S&P 500 has rallied 2.3%.
-Jaimy Lee; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 05, 2020 07:58 ET (11:58 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.