Lilly's (LLY) Newest Lung Cancer Drug May Have $1.5B/yr Potential

August 13, 2013 9:13 AM EDT Send to a Friend
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Price: $72.40 -0.07%

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    11 Buy, 9 Hold, 2 Sell

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    Up: 14 | Down: 28 | New: 51
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On Tuesday shares of Eli Lilly (NYSE: LLY) moved higher after it announced that SQUIRE, a recently completed Phase III study, met its primary endpoint. The finding showed that patients with stage IV metastatic squamous non-small cell lung cancer (NSCLC) experienced increased overall survival (OS) when administered necitumumab (IMC-11F8) in combination with gemcitabine and cisplatin as a first-line treatment, as compared to chemotherapy alone.

Lilly plans to present results from this study at a scientific meeting in 2014, and currently anticipates submitting to regulatory authorities before the end of 2014.

Commenting on the development, ISI analyst Mark Schoenebaum said expectations for necitumumab were "basically zero." In his view, the global opportunity for necitumumab in squamous lung cancer may top $1.5 billion per year, though he would like to take a look at the full data in order to gauge benefit vs risk.

ISI Group has a Neutral rating on Eli Lillywith a price target of $55.00

For an analyst ratings summary and ratings history on Eli Lilly (NYSE: LLY)click here. For more ratings news on Eli Lilly click here.

Shares of Eli Lilly closed at $54.05 yesterday.


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