Eli Lilly (LLY) PT Raised to $250 at Mizuho Securities as Donanemab Granted Breakthrough Therapy Designation

Mizuho Securities analyst Vamil Divan raised the price target on Eli Lilly (NYSE: LLY) to $250.00 (from $217.00) while maintaining a Buy rating.

The analyst commented, "Lilly has answered one of the most pressing questions in our coverage, announcing the FDA has granted its Alzheimer's disease drug donanemab Breakthrough Therapy Designation and will allow Lilly to file for accelerated approval based on the completed TRAILBLAZER-ALZ study. This has been widely debated since the recent approval of BIIB's Aduhelm. If donanemab's accelerated approval is also based on amyloid plaque clearance, it is difficult to argue why donanemab would NOT be approved, given the speed and depth of plaque clearance donanemab demonstrated in TRAILBLAZER-ALZ and prior studies (Exhibit 1). We increase our POS to 90% and move up launch to the start of 2023, which increases our price target to $250. Reiterate Buy."

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