TradingKey – Eli Lilly (LLY) shares held near $1,260 on Thursday, just about 2% away from its all-time high of $1,292. From a technical perspective, Eli Lilly’s stock price has cleared a key resistance level and is poised to break out to a new record high.

As for stock catalysts, a week-long sell-off in AI hardware stocks prompted capital to rotate into defensive sectors dominated by pharmaceutical stocks, driving its share price higher.

On the other hand, Prelude Therapeutics reached a clinical trial collaboration with Eli Lilly. The two parties will combine Prelude’s oral KAT6A degrader PRT13722 with Eli Lilly’s breast cancer drugs Verzenio and Inluriyo in a Phase 1 study targeting patients with HR+/HER2- breast cancer.

The main…