Did Eli Lilly Executives Know About Trial Drug's Shortcomings?
Pharmaceutical company Eli Lilly & Co. (NYSE:LLY) announced on Friday that its potential Alzheimer's treatment drug failed to hit the main targets of two late-stage studies, however other aspects of the trial showed the drug may slow the progress of memory loss for mild cases of the disease.
Although the drug performed well enough in the studies to send the company's stock higher, it appears the company's directors may know more about the trial, considering they have sold hundreds of thousands of dollars through insider trades in the last three months.
According to The Associated Press, the company's solanezumab drug was unsuccessful at slowing memory loss in 1,000 patients, however, when the researchers crunched the data from previous studies, they found that the drug could, in fact, slow cognitive decline across a wider population. While it did not hit its main target, William Thies, chief medical and scientific officer for the Alzheimer’s Association, said the other findings are significant.
If the drug trial turned out to have a silver lining, why do you think Enrique Conterno, Eli Lilly's senior vice president, sold 5,000 shares, valued at $44.16 each, for a total of $220,800?
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