Shares of healthcare major Eli Lilly (NYSE:LLY) are in the green today after the company announced promising results from a Phase 3 study evaluating Donanemab for the treatment of Alzheimer’s disease.
The trial met its primary as well as secondary endpoints with about 47% of subjects having no clinical progression after year one (versus 29% for subjects on placebo). The drug successfully slowed down the cognitive and functional deterioration in subjects with early symptoms of the disease.
Next, Eli Lilly is aiming at global regulatory submissions for the drug and expects a submission with the U.S. Food and Drug Administration this quarter itself.
With this significant milestone for Eli Lilly, Biogen (NASDAQ:BIIB) shares are trending lower today. The price decline comes as Biogen’s Leqembi has already received accelerated approval for the treatment of Alzheimer’s disease in the U.S.
Overall, the Street has a $396.53 consensus price target on LLY, implying the stock may be fairly priced at current levels.
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