Eli Lilly (LLY) announced that it has made significant progress with a new leukemia drug, giving its stock a shot in the arm as a result.
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The pharmaceutical giant said that its Phase 3 clinical trial of the leukemia drug called Jaypirca met its primary goal and improved survival rates among patients with chronic lymphocytic leukemia or small lymphocytic lymphoma.
The late stage clinical trial enrolled 639 patients who were randomized to receive either the Jaypirca drug or a placebo. Treatment was administered for up to two years, after which patients did not take any more of the medication unless disease progression resumed or occurred.
Eli Lilly’s Drug Pipeline
In a news release, Eli Lilly said that the latest study demonstrated a statistically significant improvement in progression-free survival rates among patients with blood cancer, as assessed by an independent review committee. Results were consistent throughout the clinical trial, added Eli Lilly.
While mostly known these days for its weight-loss medications, Eli Lilly has a robust pipeline of medications that are designed to treat a range of ailments, from Alzheimer’s disease to diabetes. The company remains particularly focused on cancer treatments.
Is LLY Stock a Buy?
The stock of Eli Lilly has a consensus Strong Buy rating among 19 Wall Street analysts. That rating is based on 16 Buy, two Hold, and one Sell recommendations issued in the last three months. The average LLY price target of $1,247.38 implies 31.53% upside from current levels.
