Cantor Fitzgerald analyst Louise Chen reiterated a Buy rating on Eli Lilly & Co (NYSE: LLY) yesterday and set a price target of $110. The company’s shares closed yesterday at $105.71, close to its 52-week high of $107.84.
Chen noted:
“. We reiterate our OW rating and $110 12-mo. PT on LLY. We expect LLY to present positive Phase 2b data for its GIP/GLP-1 receptor agonist, LY3298176, at EASD on 10/4/18. Therefore, ahead of the data, we spoke with three physicians who also think that LLY’s GIP/GLP-1 combo has the potential to be the leading drug for the treatment of diabetes. LLY noted on its 2Q18 call that the data have met the high bar necessary to move 3 development. If the data meet or beat physician expectations, we think that will support our conviction that LLY can maintain its leadership in diabetes with a pipeline of next-generation drugs.”
According to TipRanks.com, Chen has currently no stars on a ranking scale of 0-5 stars, with an average return of -8.7% and a 37.7% success rate. Chen covers the Healthcare sector, focusing on stocks such as Bausch Health Companies Inc, Aridis Pharmaceuticals Inc, and Melinta Therapeutics Inc.
Eli Lilly & Co has an analyst consensus of Moderate Buy, with a price target consensus of $100, representing a -5.4% downside. In a report issued on September 7, Barclays also maintained a Buy rating on the stock with a $107 price target.
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The company has a one-year high of $107.84 and a one-year low of $73.69. Currently, Eli Lilly & Co has an average volume of 3.53M.
Based on the recent corporate insider activity of 121 insiders, corporate insider sentiment is negative on the stock.
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