LLY is up because investors expect that the company will now be restructured.
I think it's up because there's now a fair (25%?) chance they actually have a drug. My guess is they narrowly missed stat sig in milds in the second trial. We need to see the actual numbers to judge better.
My analogy is to antidepressant trials - most approved drugs had to run multiple trials in order to get two successful ones.
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