Eli Lilly Delays New Study Starts

Eli Lilly LLY shares are trading lower on Monday after the company announced it will delay most of the new study starts and pause enrollment in most of the ongoing studies amid the spread of the coronavirus.

The company says the COVID-19 pandemic has impacted the global health care delivery system, including the conduct of clinical trials. Many health care systems have had to restructure operations to prioritize caring for those suffering from COVID-19.

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"Lilly is working hard to alleviate some of the pressure that the global COVID-19 pandemic has placed on our healthcare system,” said Tim Garnett, Lilly's chief medical officer.

“We have repurposed our laboratories to conduct diagnostic testing for patients and we are researching potential therapeutics. In the interest of helping to ensure patient safety and minimizing further stress on the system, Lilly has also decided to take several proactive steps in regard to our clinical trial activities around the world during the COVID-19 pandemic," adds Garnett.

Eli Lilly's stock traded around $124.62 on Monday. The stock has a 52-week high of $147.87 and a 52-week low of $101.36.