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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
Oct 18, 2017 | 06:49 EDT
Eli Lilly and CureVac AG have announced a global immuno-oncology collaboration focused on the development and commercialization of up to five potential cancer vaccine products based on CureVac's proprietary RNActive technology. The companies will use messenger RNA, or mRNA, technology that targets tumor neoantigens for a more robust anti-cancer immune response .Under the terms of the agreement, CureVac will receive an upfront payment of $50M and an equity investment of EUR 45M. CureVac is also eligible to receive more than $1.7B in development and commercialization milestones if all five vaccines are successfully developed, plus tiered royalties on product sales. Lilly is responsible for target identification, clinical development and commercialization. CureVac will be responsible for mRNA design, formulation and manufacturing of clinical supply and retains the option to co-promote the vaccine products in Germany. CureVac's proprietary RNActive technology will be used to deliver mRNA that ultimately directs the human immune system to target the encoded neoantigens. These tumor-specific neoantigens instruct the patient's existing immune system to mount a selective and potent response to eradicate the cancer. This transaction is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions. Subject to the closing of this transaction, Lilly expects to incur an acquired in-process research and development charge to earnings of approximately 3c per share.
Oct 18, 2017 | 05:05 EDT
Citi analyst Andrew Baum upgraded Merck (MRK) to Buy and raised his price target for the shares to $72 from $65. The healthcare giant closed yesterday down 12c to $63.22. While Merck's non-Keytruda business continues to erode, the market is undervaluing both the ultimate patient derived xenograft market size and Merck's likely market share with Keytruda, Baum tells investors in a research note. The analyst revised his initial PDx market estimates of $35bn to at least $50bn and increased his 2025 Keytruda forecasts from $9B to$15B. The analyst prefers Eli Lilly (LLY), Bristol-Myers (BMY) and Merck among the U.S. pharmaceutical majors. He also downgraded Roche (RHHBY) this morning to Neutral.
Oct 16, 2017 | 07:46 EDT
18th World Conference on Lung Cancer is being held in Yokohama, Japan on October 15-18.
Oct 16, 2017 | 07:21 EDT
Jefferies analyst Jeffrey Holford keeps AbbVie (ABBV) as his top global Pharmaceuticals pick for October, followed by Roche (RHHBY), Novartis (NVS), Bayer (BAYRY), Johnson & Johnson (JNJ), Eli Lilly (LLY) and GlaxoSmithKline (GSK). The analyst raised his price target for AbbVie shares to $115 from $107 and keeps a Buy rating on the name. Among his other target changes include bumping Eli Lilly's to $100 from $96.
Oct 16, 2017 | 06:53 EDT
New subgroup analysis from Eli Lilly's Phase 3 REVEL trial of Cyramza in advanced non-small cell lung cancer, or NSCLC, was presented today at the 18th World Conference on Lung Cancer, or WCLC, hosted by the International Association for the Study of Lung Cancer in Yokohama, Japan. Specifically, these new data are an exploratory, post-hoc analysis focused on patients whose cancer rapidly progressed on first-line therapy. Time-to-progression, or TTP, is defined as the time from start of first-line therapy until progressive disease - when the person's cancer grows, spreads or gets worse. In this analysis, aggressive disease was defined based on rapid TTP on first-line therapy. The global, randomized, double-blind, placebo-controlled REVEL Phase 3 study evaluated ramucirumab, in combination with docetaxel, in patients with metastatic NSCLC whose cancer had progressed on or after prior platinum-based chemotherapy for locally advanced or metastatic disease. REVEL, which included patients with nonsquamous and squamous forms of NSCLC, demonstrated improved overall survival, or OS, progression-free survival, or PFS, and objective response rate, or ORR, - independent of histology. Please see the 'About REVEL' section below for more detailed efficacy and safety results in the trial's intent-to-treat, or ITT, patient population. The REVEL ITT trial results, presented at the American Society of Clinical Oncology Annual Meeting in 2014, supported the FDA approval of ramucirumab in NSCLC in December 2014.
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