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LLY

Eli Lilly

$79.11

-0.62 (-0.78%)

14:53
04/20/18
04/20
14:53
04/20/18
14:53

Eli Lilly says Phase 3 RANGE study didn't reach statistical significance for OS

Eli Lilly announced additional results from its global, randomized, double-blind, placebo-controlled Phase 3 RANGE trial evaluating CYRAMZA in combination with docetaxel in patients with locally advanced or unresectable or metastatic urothelial carcinoma whose disease progressed on or after platinum-based chemotherapy. A positive trend was seen in the secondary endpoint of overall survival, or OS, which did not reach statistical significance. An improvement in objective response rate was observed. Lilly previously announced that the trial met its primary endpoint of investigator-assessed progression-free survival; those results were presented at the European Society for Medical Oncology 2017 Congress and simultaneously published in The Lancet. Levi Garraway, M.D., Ph.D., senior vice president, global development and medical affairs, Lilly Oncology, said, "Although this study didn't reach statistical significance for overall survival, we are encouraged by the totality of the RANGE results and look forward to reviewing the data with internal and external experts to determine next steps." Lilly said it remains committed to the investigation and use of CYRAMZA in other tumor types, including those in which it has already demonstrated a Phase 3 overall survival benefit - stomach, non-small cell lung, colorectal and liver cancer.

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LLY Eli Lilly
$79.11

-0.62 (-0.78%)

04/13/18
04/13/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: Netflix (NFLX) upgraded to Buy from Hold at Deutsche Bank with analyst Bryan Kraft saying he underestimated the market's willingness to underwrite several years of negative free cash flow to drive growth. 2. Eli Lilly (LLY) upgraded to Market Perform from Underperform at BMO Capital with analyst Alex Arfaei saying he believes that his previously expressed concerns around the downside risks for Humalog, cautious outlook for Vernezio, and uncertainty around Bari are "mostly reflected" in the stock, with more balance in risk-reward going forward. 3. Willis Towers Watson (WLTW) upgraded to Buy from Hold at Sandler O'Neill with analyst Paul Newsome saying he is making a valuation call with the stock down to "both absolute and relative valuations that we have not seen since there were significant concerns about the Willis/Towers Watson merger and the company's ability to generate organic growth." 4. Shaw Communications (SJR) upgraded to Buy from Hold at Canaccord and to Outperform from Sector Perform at Scotiabank. 5. eBay (EBAY) upgraded to Buy from Neutral at Monness Crespi with analyst Jim Chartier saying eBay's structured data initiatives have meaningfully improved the eBay marketplace experience for buyers and sellers, resulting in gross merchandise value inflecting to up 7% in the fourth quarter of 2017 from up 1% in the third quarter of 2016. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/13/18
BMOC
04/13/18
UPGRADE
Target $79
BMOC
Market Perform
Eli Lilly upgraded to Market Perform at BMO Capital on valuation
As reported earlier, BMO Capital analyst Alex Arfaei upgraded Eli Lilly to Market Perform from Underperform and raised his price target to $79 from $74. The analyst believes that his previously expressed concerns around the downside risks for Humalog, cautious outlook for Vernezio, and uncertainty around Bari are "mostly reflected" in the stock, with more balance in risk-reward going forward. While he anticipates 2018 to be volatile as maturing diabetes franchise constrains the company's growth plans, Arfaei also sees some tailwinds for Eli Lilly around continued strong growth of Trulicity, further growth of Taltz, Jardiance, and Basglar, as well as potential divestiture of Elanco.
04/13/18
BMOC
04/13/18
UPGRADE
Target $79
BMOC
Market Perform
Eli Lilly upgraded to Market Perform from Underperform at BMO Capital
BMO Capital analyst Alex Arfaei upgraded Eli Lilly to Market Perform and raised his price target for the shares to $79 from $74.
04/12/18
SBSH
04/12/18
NO CHANGE
SBSH
Sell
Pfizer has no interest in acquiring Bristol-Myers right now, says Citi
Citi analyst Andrew Baum says Pfizer's (PFE) CEO made it clear to him that the company has no interest in acquiring Bristol-Myers Squibb (BMY) in the absence of transformational data or a de-rating in the shares. Pfizer has high conviction in its current pipeline and believes that the return on investment is considerably higher than high risk transformational deals, particularly in the immuno-oncology space, Baum tells investors in a research note. The analyst expects Pfizer will meaningfully increase its current share repurchase program from the current $5B-$6B per annum to offset the earnings dilution from higher anticipated R&D investment to monetize its current pipeline. Baum keeps a Sell rating on Pfizer and continues to prefer shares of Merck (MRK), Bristol and Eli Lilly (LLY) in the U.S. The analyst lowered his price target for Bristol shares to $70 from $78 with Pfizer backing away from a potential takeover. He keeps a Buy rating on the shares, however.

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