Eli Lilly (LLY) Bullish Stance Reiterated at Leerink Partners Following EXPEDITION Extension Study Data

Leerink Partners analyst Seamus Fernandez reiterated an Outperform rating and $92 price target on Eli Lilly (NYSE: LLY) following EXPEDITION extension study data.

Fernandez commented, " In line with our expectations and public comments from LLY mgmt, results of the EXPEDITION extension study showed a sustained difference between the early vs delayed start group out to 3.5 years on three separate cognitive endpoints (ADAS-Cog 14, MMSE, and CD-R-SB [Alzheimer's Disease Assessment Scale - Cognitive Subscale, Mini-Mental State Examination Clinical Dementia Rating-Sum of Boxes]) as well as the functional endpoint targeted in EXPEDITION 3. The discussion at AAIC on the data was more informational - and did not really comment on the clinical importance of these results. The discussant and FDA called the data 'intriguing' but cautioned against over interpretation as this study is an extension of the failed EXPEDITION 1 and 2 studies. On balance, the curves and slope of the curves looked as good as one would have hoped with consistency out to 3.5 years on several endpoints."

For an analyst ratings summary and ratings history on Eli Lilly click here. For more ratings news on Eli Lilly click here.

Shares of Eli Lilly closed at $85.57 yesterday.

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