Eli Lilly insider buying from CEO

Eli Lilly (NYSE:LLY) CEO David Ricks and other top executives have bought nearly $2.9M worth of company stock over the past few days as the Indiana-based drugmaker witnessed a rare selloff last week in reaction to disappointing late-stage trial data for its obesity pill, orforglipron.

the selloff also turned out to be a rare opportunity for LLY insiders to scoop up company stock at a bargain. According to SEC filings, CEO Ricks bought ~1.6K shares of Lilly (NYSE:LLY) stock on Tuesday at an average price of $644.77 in a transaction worth more than $1M.

Other leading executives to report insider purchases on Tuesday included Chief Scientific Officer Dan Skovronsky, who added 1K LLY shares at $634.41 on average.

Meanwhile, board members Gabrielle Sulzberger and Erik Frywald have bought roughly 1.7K LLY shares in transactions worth more than $1M in total, increasing their ownership stakes by ~5% and ~2%, respectively.

Another director, Jamere Jackson, started the buying spree, increasing his stake by ~2% with 200 LLY shares valued at $127.96K, while Ilya Yuffa, President of Eli Lilly (NYSE:LLY) USA, sold ~1.3K company stock on Monday in a transaction worth ~783.8K, trimming his ownership by ~5%.

 

The transactions come at a time when LLY’s sell-off has gained Wall Street’s attention. Edmund Ingham, Investing Group Leader for Haggerston BioHealth, called the dip “a rare buying opportunity for long-term investors,” and Daniel Jones, Investing Group Leader for Crude Value Insights, saw limited upside potential in LLY stock for the same investor group.