This Analyst Sees Potential Downside In Eli Lilly, Adjusts Model For Acquired IPR&D Charges
Portfolio Pulse from Shivani Kumaresan
Cantor Fitzgerald analyst Louise Chen reiterated an Overweight rating on Eli Lilly (NYSE:LLY) with a price target of $885. The company will report its Q2 FY24 earnings on August 8, which will include $154 million in acquired IPR&D charges. Key growth drivers include potential U.S. approval for Lebrikizumab, the Morphic acquisition, and results from various clinical trials. Competitive readouts from Novo Nordisk (NYSE:NVO) and Akero Therapeutics (NASDAQ:AKRO) are also anticipated.
July 15, 2024 | 5:13 pm
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NEUTRAL IMPACT
Eli Lilly's competitive landscape includes key readouts from Akero Therapeutics' efruxifermin (FGF21 analog) in MASH. These developments could impact Akero Therapeutics' market position.
While the news primarily focuses on Eli Lilly, the mention of competitive readouts from Akero Therapeutics could have a neutral impact on AKRO in the short term as investors await these results.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
NEUTRAL IMPACT
Eli Lilly's competitive landscape includes key readouts from Novo Nordisk's semaglutide in MASH and CagriSema Phase 3 program for obesity. These developments could impact Novo Nordisk's market position.
While the news primarily focuses on Eli Lilly, the mention of competitive readouts from Novo Nordisk could have a neutral impact on NVO in the short term as investors await these results.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Cantor Fitzgerald analyst Louise Chen reiterated an Overweight rating on Eli Lilly with a price target of $885. The company will report Q2 FY24 earnings on August 8, including $154 million in acquired IPR&D charges. Key growth drivers include potential U.S. approval for Lebrikizumab, the Morphic acquisition, and results from various clinical trials.
The reiteration of an Overweight rating and a high price target is positive for LLY. The upcoming earnings report and key growth drivers like potential drug approvals and acquisitions are likely to boost investor confidence.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100