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Eli Lilly a Buy

Federal Judge in Indianapolis upheld the validity of Eli Lilly’s patent on their famous cancer drug called Alimta and give it the right from being attacked by generic drug competition for another 8 years. This is huge news for Eli Lilly, which would be able to sell the drug at high price for a while for its second best-selling drug after its antidepressant Cymbalta.

Subsequently after the verdict, Cowen & Co raise the rating on the stock to Outperform from Market Perform with the revised 2017-2018 for the company’s revenue from the sales estimate of Alimta drug, which in turn give a lift to the earnings estimates. Cowen also up the target price from $61 to $68.