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Fly News Breaks for March 20, 2017
Mar 20, 2017 | 08:14 EDT
UBS analyst Marc Goodman raised his price target on Eli Lilly to $85 from $70 as he updated his model to account for two months of IMS prescription data. Overall his 2017 revenues are largely unchanged but he raised his estimates slightly for 2018. Goodman also noted the positive upcoming data readouts are likely priced into the stock already. Goodman maintained a Neutral rating on Eli Lilly shares.
News For LLY From the Last 2 Days
Aug 14, 2017 | 09:25 EDT
Shares of Merck & Co (MRK) are in focus in morning trading after its chairman and chief executive announced his resignation from President Donald Trump's American Manufacturing Council. Soon after the statement, Trump tweeted that Frazier will have "more time" to lower drug prices. FRAZIER RESIGNS FROM MANUFACTURING COUNCIL: Merck & Co Chairman and Chief Executive Officer Kenneth Frazier this morning announced his resignation from the president's American Manufacturing Council. "As CEO of Merck and as a matter of personal conscience, I feel a responsibility to take a stand against intolerance and extremism," Fraizer wrote in a tweet. "America's leaders must honor our fundamental views by clearly rejecting expressions of hatred, bigotry and group supremacy, which run counter to the American ideal that all people are created equal," he added." Shortly after Frazier announced his resignation, Trump responded by tweeting that that now that the CEO had resigned from the council, he will have more time to "LOWER RIPOFF DRUG PRICES!" WHAT'S NOTABLE: Over the weekend, a gathering of hundreds of white nationalists in Charlottesville, Virginia took a deadly turn when a car deliberately plowed into a group of counter-protesters and killed at least one person. Trump denounced an "egregious display of hatred and bigotry" and said "many sides" were involved. Frazier is not the first executive to leave presidential advisory councils in protest of Trump's policies. In June, Tesla (TSLA) CEO Elon Musk and Disney (DIS) CEO Bob Iger left Trump's Strategic and Policy Forum after the president said he would withdraw from the Paris climate accord. Musk also left Trump's manufacturing council. In June, Bloomberg said that the Trump administration was planning an executive order regarding U.S. drug costs, which may express support for value-based agreements via which drug companies and health insurers make arrangements to pay for products depending on how well they work. PRICE ACTION: Merck is up 0.3% ahead of the market open. OTHERS TO WATCH: Publicly traded large-cap drugmakers include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Novartis (NVS), Pfizer (PFE), Roche (RHHBY) and Sanofi (SNY).
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