Small biotech and year-old new issue Alder BioPharmaceuticals (ALDR) soared more than 12% to a new high near 40 on Friday after it presented positive clinical-trial data on its migraine drug candidate, presenting a challenge to such larger players as Amgen (AMGN), Eli Lilly (LLY) and Teva Pharmaceutical (TEVA). Alder said that a single intravenous injection of its drug candidate ALD403 was still working in patients six months later, with 61%
Goldman Sachs upgraded Eli Lilly (LLY) to neutral Thursday, saying the big pharma had “turned the corner” after falling hard off the patent cliff. But the investment bank downgraded Johnson & Johnson, citing increasing drug competition. “We believe LLY has turned the corner with improving margins and new product launches driving the company out of its earnings trough and the next five years setting up well for double-digit EPS growth,” analyst
Drugmaker Alkermes (ALKS) popped to a 15-year high Wednesday after the company reported positive midstage results for its schizophrenia drug. Alkermes’ candidate, ALKS-3831, is a combination of olanzapine — better known as Eli Lilly’s (LLY) Zyprexa — and a novel product called samidorphan, which Alkermes hoped would reduce olanzapine’s common side effect of weight gain. The study found that patients on ALKS-3831 gained 37% less weight than those