Cowen raised its price target on Eli Lilly (LLY) to $85 from $78 after Biogen (BIIB) released data last week on its Alzheimer's drug, BIIB-037. While Cowen acknowledged Biogen's data was the best the firm has seen to date, the firm also said Lilly leads by a "considerable margin" in terms of development timing for its drug solanezumab over competitors Biogen and Roche (RHHBY). Cowen forecast sales of $500M in 2020 for solanezumab and reiterated its Outperform rating on Eli Lilly shares.
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