Lilly stock shoots up after recommendation

January 7, 2008
Shares of Eli Lilly and Co. jumped more than 4 percent today after a Morgan Stanley analyst upgraded the stock to "equal weight" from "underweight."

After opening at $53.16, the shares rose as high as $54.49; the stock traded near $54.10 early this afternoon.

Morgan Stanley broker Jami Rubin said Wall Street's fears about Lilly having difficulty getting regulatory approval for its anti-blood clot drug prasugrel have been overblown compared with Lilly's potential for near-term profit gains, according to news reports.
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