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Eli Lilly price target raised to $640 from $617 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Eli Lilly (LLY) to $640 from $617 and keeps an Overweight rating on the shares. After having conducted a proprietary survey of U.S. physicians who treat Alzheimer’s, the firm raises its estimates for both Lilly and Biogen (BIIB) and sees Leqembi 2024 consensus estimates as “achievable,” the analyst tells investors. Given full approval of Leqembi in July and expected FDA approval of donanemab in Q4, the firm expects a modest initial launch, followed by an inflection in prescribing over the next 12 months for the Alzheimer’s medicines in the U.S. as centers develop the necessary protocols for prescribing, the analyst added.

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