Regeneron Pharmaceuticals (REGN) popped in the stock market today, but shares are hitting resistance at a key level. The biotech now faces less competition for its cholesterol drug, as Eli Lilly (LLY) is discontinuing development of its heart-disease treatment, which RBC Capital Markets notes is a big benefit for Regeneron and its larger peer Amgen (AMGN). Regeneron gapped up 5.2% in heavy volume on Monday. But the stock looks to be finding
Big pharma Eli Lilly (LLY) said Monday that it’s stopping development of its cholesterol drug evacetrapib after a review of its phase-three trial data showed it wasn’t having much of an effect. Lilly has been conducting a giant study of the cardiovascular effects of evacetrapib, which isn’t due for completion until next year. An independent data-monitoring committee, however, reviewed the results so far and recommended stopping now on account of
Shares of big pharma Eli Lilly (LLY) rose Friday after Credit Suisse upgraded its rating on the company largely on the strength of its diabetes franchise. Analyst Vamil Divan lifted his rating on Lilly stock to outperform from neutral and raised his price target to 105 from 89 late Thursday. Divan highlighted the recent Empa-Reg Outcome trial that established that Lilly’s diabetes drug Jardiance helps prevent heart-related deaths. “Our survey