Eli Lilly (LLY) PT Cut to $92 at Leerink Partners
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Leerink Partners analyst Seamus Fernandez lowered its price target on Eli Lilly (NYSE: LLY) to $92.00 (from $102.00) following the Sola failure but maintains a Outperform rating.
Fernandez commented, "LLY announced that solanezumab did not meet the primary endpoint in the Phase 3 EXPEDITION 3 study. Per our follow up conversations, LLY does not believe that EXPEDITION 3 would "completely invalidate the beta amyloid hypothesis". LLY will close down all study of solanezumab in mild AD, but the Ph 2/3 study in prodromal patients (started accruing mid-2016) will continue. The company will evaluate this study as well as academic collaborations for possible discontinuation. As of today, there is no "concrete plan" to initiate further solanezumab studies with higher doses. With sola now out of the stock, we still see attractive upside in LLY for long-term investors. Cont'd growth will be driven by Trulicity (GLP-1, diabetes), Jardiance (SGLT-2, diabetes), Taltz (IL-17 mAb, psoriasis), and the pending U.S. launch of Basaglar (insulin glargine biosimilar). Approval of LLY/INCY's (OP) baricitinib (JAK inhibitor; rheumatoid arthritis) is expected in 1Q17. Reiterate our Outperform rating."
The firm is removing $1.5B peak solanezumab sales from their model.
Shares of Eli Lilly closed at $75.99 yesterday.
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