Elanco Animal Health (NYSE:ELAN) stock rose 3% in pre-market trading after receiving approval from the European Commission for its canine dermatitis treatment, Zenrelia. The once-daily oral medication treats itching and atopic dermatitis in dogs, expanding Elanco’s presence in the European market. UBS Group upgraded Elanco shares, setting a price target of $18.00. Despite the initial jump, shares settled at $14.85, up 1.1% from the previous close. The market perceives the news as significant but not changing its fundamental view of the company. Elanco is up 23.2% this year, trading near its 52-week high and generating a 69.7% return for investors over 5 years.

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