Market status at 15:21PM ET: SPY up 1.2% XLV up 1.71% XBI up 2.91%
Big day for the FOMC. Hawkish 2022 with three planned rate hikes. No surprises but maybe the market was expecting more? Probably were just waiting for an expressed amount instead of reading tea leaves.
Big winner today was Eli Lilly (LLY +10%). Strong guidance for 2022 and new drug for ulcerative colitis. The study, LUCENT-2, met the primary endpoint of clinical remission of the disease. Mirikizumab is a monoclonal antibody that binds to interleukin-23, a pro-inflammatory cytokine linked to auto-immune disorders like inflammatory bowel disease and rheumatoid arthritis.
LLY also announced they have big expectations for donanemab, another monoclonal antibody therapy, for patients with early stage Alzheimer’s disease. Lilly is sponsoring a clinical trial to measure efficacy of their drug against Biogen’s aducanumab (Aduhelm). The study’s primary completion date is June 17, 2022.