Options Traders Pick Up Pharma Stock After Eli Lilly Buyout

Centessa Pharmaceuticals PLC (NASDAQ:CNTA) shares are surging today, last seen 44.4% higher to trade at $39.90 on news that Eli Lilly (LLY) will acquire the company for $6.3 billion. The move is part of the former's plans to diversify its metabolic portfolio with sleep disorder treatments.Analysts chimed in on the update, with Needham and B. Riley downgrading CNTA to "hold" and "neutral," respectively, from "buy." Piper Sandler cut its rating to "neutral" from "overweight." Analysts were bullish coming into ...