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January 23, 2013
10:35 EDTLLYEli Lilly drops after cancer drug data seen as 'underwhelming'
Eli Lilly (LLY) is retreating after the company reported a median overall survival rate of 5.2 months for patients who received the company's gastric cancer treatment, ramucirumab, in an abstract posted last night on the American Society of Clinical Oncology’s website. Patients who received a placebo had a median overall survival rate of 3.8 months. Although the overall survival rate produced by the drug was statistically significant, Leerink Swann analyst Seamus Fernandez called the data "somewhat underwhelming" in a note to investors earlier today. The company may still seek FDA approval for ramucirumab, but the agency will likely require the company to conduct another study before it will approve the drug, the analyst believes. Fernandez maintained an Outperform rating on the stock, which slid $1.10 ,or 2.06%, to $52.34 in mid-morning trading.
News For LLY From The Last 14 Days
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August 18, 2014
17:37 EDTLLYFDA grants tentative approval for Lilly, Boehringer Basaglar insulin
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11:41 EDTLLYCubist rises after report sparks takeover interest speculation
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August 11, 2014
11:58 EDTLLYMannKind rallies after inking licensing agreement with Sanofi
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