Eli Lilly downgraded to Underperform from Hold at Jefferies Jefferies downgraded Eli Lilly to Underperform citing deteriorating base business fundamentals and lowered its price target for shares to $40 from $49.
News For LLY From The Last 14 Days
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Eli Lilly's edivoxetine for depression did not meet Phase III primary endpoint Eli Lilly's edivoxetine did not meet the primary study objective of superior efficacy in depression after eight weeks of treatment, in three studies. The efficacy results do not support a regulatory submission for adjunctive treatment in patients with Major Depressive Disorder. The decision not to proceed with development of edivoxetine is expected to result in a Q4 charge to R&D expense of approximately $15M pre-tax, or approximately 1c per share after-tax. The company's previously-issued financial guidance for 2013 remains unchanged.