Prior to the open, BofA downgraded Eisai (ESAIY) to Neutral from Buy with a price target of 7,200 yen, down from 8,600 yen. The firm expects that Leqembi will become a “blockbuster drug over the medium to long term,” but revised Leqembi sales forecasts considering the U.S. approval of Eli Lilly’s (LLY) competing candidate for Alzheimer’s disease, donanemab, the analyst tells investors in a research note. Donanemab has the potential to accelerate Alzheimer’s drug market growth, but a competitive advantage for Leqembi could evaporate if tau testing is not required for Lilly’s drug, the analyst added.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on LLY:
- Novo Nordisk, Eli Lilly Respond to Lower Drug Price Demands
- Eli Lilly (NYSE:LLY) Receives FDA Approval for Alzheimer’s Drug
- Unusually active option classes on open July 2nd
- Biden demands Novo Nordisk, Lilly lower GLP-1 drug prices in USAToday editorial
- Eli Lilly in strategic relationship with Radionetics, pays $140M upfront