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LLY

Eli Lilly

$80.25

1.16 (1.47%)

, INCY

Incyte

$68.15

-0.26 (-0.38%)

20:14
04/23/18
04/23
20:14
04/23/18
20:14

FDA recommends approval of Incyte/Eli Lilly's Baricitinib 2mg, but not 4mg in RA

Eli Lilly (LLY) and Incyte (INCY) announced that the U.S. Food and Drug Administration's Arthritis Advisory Committee recommended approval of the 2-mg dose of baricitinib, a once-daily oral medication for the treatment of moderately-to-severely active rheumatoid arthritis for adult patients who have had an inadequate response or intolerance to methotrexate. While the Advisory Committee unanimously supported the efficacy of the 4-mg dose of baricitinib, it did not recommend approval of the 4-mg dose of baricitinib for the proposed indication based on the adequacy of the safety and benefit-risk profiles. Baricitinib 2-mg and 4-mg doses are approved in more than 40 countries, including the member states of the European Union and Japan. For both doses, the Advisory Committee voted to support the assessment that baricitinib's data provide substantial evidence of efficacy. For the 2-mg dose, the Advisory Committee voted in favor of the assessment that baricitinib's safety data adequately support its approval. For the 4-mg dose, the Advisory Committee voted against the assessment that baricitinib's safety data was adequate to support its approval based on the proposed indication.

LLY

Eli Lilly

$80.25

1.16 (1.47%)

INCY

Incyte

$68.15

-0.26 (-0.38%)

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LLY Eli Lilly
$80.25

1.16 (1.47%)

04/23/18
RBCM
04/23/18
NO CHANGE
RBCM
Outperform
Incyte AdCom meeting going more favorably than docs suggested, says RBC Capital
RBC Capital analyst Brian Abrahams said the FDA advisory committee meeting for baricitinib, a rheumatoid arthritis treatment developed by Incyte (INCY) and submitted for review by Eli Lilly (LLY), seems "considerably less negative" than the briefing documents for the meeting had suggested. He sees the tone of the panel and the panelist Q&A suggesting a high likelihood that baricitinib will be approved, with the potential still existing that even a 4mg version could be approved in some form. Abrahams has an Outperform rating and $75 price target on Incyte shares.
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.
INCY Incyte
$68.15

-0.26 (-0.38%)

04/20/18
NOMU
04/20/18
NO CHANGE
Target $102
NOMU
Buy
Incyte briefing docs make approval unlikely, says Nomura Instinet
Nomura Instinet analyst Christopher Marai says yesterday's briefing document ahead of the baricitinib FDA panel on April 23 indicates that approval is unlikely. The analyst calls the document "ominous" but keeps a Buy rating on Incyte with a $102 price target.
04/16/18
CANT
04/16/18
NO CHANGE
Target $7
CANT
Neutral
NewLink positive data unlikely to sway investors, says Cantor Fitzgerald
Cantor Fitzgerald analyst Mara Goldstein reiterates a Neutral rating on NewLink Genetics (NLNK) with a $7 price target after the company over the weekend presented data from a Phase I study of indoximod in diffuse intrinsic pontine glioma. While positive, the data are unlikely to "sway investors at this point" given the recent failure of Incyte's (INCY) epacadostat, Goldstein tells investors in a research note.
04/12/18
04/12/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Incyte (INCY) upgraded to Buy from Neutral at UBS with analyst Carter Gould saying the stock offers an improved risk/reward profile after resetting lower on negative epacadostat Phase 3 data and removal of the drug from analyst models. 2. TechnipFMC (FTI) upgraded to Buy from Neutral at Goldman Sachs with analyst Waqar Syed saying while his 2018/2019 EBITDA estimates are little changed, his 2020 EBITDA estimates have been raised nearly 18% owing to expectations for higher inbound orders in 2019 for the Subsea and Onshore/Offshore segments. 3. Prologis (PLD) upgraded to Buy from Hold at Jefferies with analyst Jonathan Petersen saying he sees the company posting one of the strongest levels of internal growth among the blue-chip real estate investment trusts in 2018. 4. Mylan (MYL) upgraded to Outperform from Market Perform at Leerink with analyst Ami Fadia citing valuation disconnect given the diversified business and catalyst path. 5. Summit Hotel Properties (INN) upgraded to Buy from Underperform at BofA/Merrill with analyst Shaun Kelley citing relative valuation, its potential to outperform peers on the top-line in an accelerating RevPAR environment, and lower relative cost pressure given a lower proportion of labor costs. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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