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Research

Research Alert: CFRA Retains Buy Rating On Shares Of Eli Lilly And Company

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Shares of LLY are down 3.60% today after reports of weaker-than-expected sales of the GLP-1 oral pill Foundayo in its first two weeks of launch in April. We think the news does not change our thesis, as we expected Foundayo to make a meaningful contribution to LLY's results starting in 2027. While we acknowledge that this initial data fell short of expectations, we think it is too early to draw a conclusion and Foundayo sales may catch up in the coming months. On Tuesday, Amazon launched a comprehensive weight management program that integrates primary care, pharmacy services, and virtual care for GLP-1 treatment, which should increase Foundayo's accessibility, in our view. This allows oral GLP-1s (Foundayo and Wegovy pill) at $25/month with insurance and $149/month cash-pay. Based on CDC data, around 40% of the U.S. adult population is obese. Thus, there is still a vast addressable market and Foundayo, with its ease to use (once-daily) and tolerability, is a strong product, in our view.

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Wire

Guggenheim Adjusts Price Target on Eli Lilly to $1,183 From $1,163, Maintains Buy Rating

Eli Lilly (LLY) has an average rating of overweight and mean price target of $1,240.72, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $882.98, Change: $-36.93, Percent Change: -4.01%

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Sectors

Sector Update: Health Care Stocks Fall Late Afternoon

Health care stocks declined late Monday afternoon, with the NYSE Health Care Index down 1.1% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 1%.The iShares Biotechnology ETF (IBB) decreased 0.4%.In corporate news, Tvardi Therapeutics (TVRD) shares fell 4.1% after Barclays downgraded the company's stock to underweight from equalweight and adjusted the price target to $3 from $4.Eli Lilly (LLY) has agreed to buy clinical-stage biotechnology firm Kelonia Therapeutics for up to $7 billion, as the drugmaker looks to bolster its cancer treatment portfolio. Lilly shares were easing 0.6%.Compass Pathways (CMPS), GH Research (GHRS), and other psychedelic companies' shares were up on Monday, after US President Donald Trump signed an executive order Saturday to expedite access to treatments for patients with serious mental illness. Compass shares surged 42%, and GH Research jumped 17%.Nektar Therapeutics (NKTR) shares climbed 18% after it said Monday that data from a 16-week extension period of its phase 2b study of rezpegaldesleukin showed a "deepening of response" in people with severe-to-very-severe alopecia areata.

$CMPS$GHRS$LLY$NKTR$TVRD
Research

Research Alert: CFRA Keeps Buy Rating On Shares Of Eli Lilly After Kelonia Deal Announcement

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We keep our target price at $1,225, 29.0x our 2027 EPS view, below LLY's five-year historical forward P/E average. We retain our 2026 EPS at $34.71 and lift our 2027 EPS to $42.22 from $42.12. LLY announced today it is acquiring Kelonia Therapeutics for up to $7B to access its iGPS platform, enabling in vivo CAR-T therapy that reprograms T-cells to fight cancer inside the body via a single IV infusion. Kelonia's lead candidate KLN-1010 targets BCMA in multiple myeloma, the second most frequent U.S. blood cancer. Similarly, LLY announced the acquisition of Orna Therapeutics for up to $1B in February to access its circular RNA platform, which offers longer-lasting protein expression, reduced immunogenicity, and larger genetic payloads versus traditional mRNA. These acquisitions reflect LLY's strategy of deploying GLP-1 cash flow to build a diversified pipeline in oncology, autoimmune diseases and next-generation therapeutic modalities, in our view.

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Sectors

Sector Update: Health Care Stocks Softer Monday Afternoon

Health care stocks declined Monday afternoon, with the NYSE Health Care Index and the State Street Health Care Select Sector SPDR ETF (XLV) each shedding 0.5%.The iShares Biotechnology ETF (IBB) was down 0.2%.In corporate news, Eli Lilly (LLY) has agreed to buy clinical-stage biotechnology firm Kelonia Therapeutics for up to $7 billion, as the drugmaker looks to bolster its cancer treatment portfolio. Lilly shares were easing 0.1%.Compass Pathways (CMPS), GH Research (GHRS), and other psychedelic companies' shares were up on Monday, after US President Donald Trump signed an executive order Saturday to expedite access to treatments for patients with serious mental illness. Compass shares surged 47%, and GH Research jumped 15%.Nektar Therapeutics (NKTR) shares climbed 22% after it said Monday that data from a 16-week extension period of its phase 2b study of rezpegaldesleukin showed a "deepening of response" in people with severe-to-very-severe alopecia areata.

$CMPS$GHRS$LLY$NKTR
Sectors

Sector Update: Health Care

Health care stocks declined Monday afternoon, with the NYSE Health Care Index decreasing 0.4% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.5%.The iShares Biotechnology ETF (IBB) was down 0.3%.In corporate news, Eli Lilly (LLY) has agreed to buy clinical-stage biotechnology firm Kelonia Therapeutics for up to $7 billion, as the drugmaker looks to bolster its cancer treatment portfolio. Lilly shares eased 0.1%.

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US Markets

Eli Lilly to Strengthen Cancer Treatment Portfolio With $7 Billion Deal for Kelonia

Eli Lilly (LLY) has agreed to acquire clinical-stage biotechnology firm Kelonia Therapeutics for up to $7 billion, as the drugmaker looks to bolster its cancer treatment portfolio.The deal consideration consists of an upfront cash payment of $3.25 billion and subsequent payments upon the achievement of certain clinical, regulatory and commercial milestones, the companies said Monday.The acquisition will give Lilly access to KLN-1010, Kelonia's lead investigational candidate for the treatment of multiple myeloma, a blood cancer of plasma cells in the bone marrow. The product is being evaluated in a phase 1 study."The early clinical data for KLN-1010 are highly encouraging, both as a potential step forward for patients with multiple myeloma and as proof of concept for Kelonia's platform," said Jacob Van Naarden, president of Lilly Oncology. "We look forward to working together with the Kelonia team to rapidly advance KLN-1010 to address patient need."The deal, which requires approval from regulators, is expected to complete in the second half of this year."We have demonstrated the ability to achieve deep multiple myeloma remissions with significantly reduced complexity and cost relative to ex-vivo (chimeric antigen receptor) T-cell approaches," Kelonia Chief Executive Kevin Friedman said. "In combination with Lilly's strengths, our in-vivo (gene placement system) platform is positioned to broaden the reach of cell therapy beyond the current CAR-T landscape in hematologic malignancies."Lilly shares edged 0.1% lower in Monday afternoon trade, taking its year-to-date losses to roughly 14%.At the end of last month, Lilly announced an up to $7.8 billion deal to purchase UK-based Centessa Pharmaceuticals to strengthen its neuroscience pipeline and expand into sleep medicine. Earlier in the year, the company agreed to buy Orna Therapeutics, a biotechnology company focused on engineering immune cells, for up to $2.4 billion.Lilly is scheduled to report first-quarter financial results April 30.Price: $927.86, Change: $+0.83, Percent Change: +0.09%

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Wire

Top Midday Stories: QXO to Acquire TopBuild for $17 Billion; Eli Lilly to Buy Kelonia for Up to $7 Billion

All three major US stock indexes fell in late-morning trading Monday as tensions between the US and Iran escalated over the weekend.In company news, QXO (QXO) agreed to acquire TopBuild (BLD) for $17 billion. TopBuild shareholders can elect $505 a share in cash or 20.2 QXO common shares for each TopBuild share they own, subject to a cap that limits cash to 45% of the total consideration. The deal is expected to close in Q3. QXO shares fell 7.2% around midday, and TopBuild rose 17%.Eli Lilly (LLY) agreed to acquire Kelonia Therapeutics for up to $7 billion in cash, including an upfront payment of $3.25 billion and subsequent payouts based on certain clinical, regulatory and commercial milestones. The deal is expected to close in H2. Eli Lilly shares rose 0.2%.Alphabet's (GOOG, GOOGL) Google is in talks with Marvell Technology (MRVL) to develop two new processors optimized for AI inference tasks, The Information reported Sunday, citing two people with knowledge of the discussions. Alphabet shares fell 0.9%, and Marvell rose 4.1%.American Airlines Group (AAL) said late Friday it was not engaged with or interested in talks about a merger with United Airlines Holdings (UAL). American shares fell 4.4%, and United dropped 2.3%.Brady (BRC) agreed to acquire Honeywell International's (HON) productivity solutions and services business for $1.4 billion in cash. Brady shares eased 0.1%, and Honeywell fell 1.2%.Price: $23.19, Change: $-1.81, Percent Change: -7.24%

$AAL$BLD$BRC$GOOG$GOOGL$HON$LLY$MRVL$QXO$UAL
Asia Markets

Israel-Lebanon Ceasefire, S&P 500's Record Close Drive US Equity Futures Higher Pre-Bell

US equity futures were higher pre-bell Friday as a 10-day ceasefire between Israel and Lebanon went into effect while the S&P 500 and Nasdaq Composite posted new all-time highs on Thursday.Dow Jones Industrial Average futures were 0.6% higher, S&P 500 futures were up 0.4%, and Nasdaq futures were 0.3% higher.The halt of Israel's attacks on Lebanon has been an important condition for the resumption of US-Iran talks, which President Donald Trump said could occur "probably, maybe, next weekend" in remarks made outside the White House on Thursday. Trump also said that a deal with Iran could be finalized ideally before the US-Iran ceasefire ends on Tuesday, but he was willing to extend if necessary.The S&P 500 gained 0.3% to close at 7,041.28, while the Nasdaq advanced 0.4% to end at 24,102.70.Traders took note of results from two major banks, with Truist Financial (TFC) reporting higher Q1 earnings and revenue and Fifth Third Bancorp (FITB) posting lower Q1 earnings amid higher revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 4.2% at $95.17 per barrel and US West Texas Intermediate crude 4.9% lower at $90.08 per barrel.Federal Reserve San Francisco President Mary Daly, Richmond President Thomas Barkin, and Governor Christopher Waller are scheduled to speak on Friday.In other world markets, Japan's Nikkei closed 1.8% lower, Hong Kong's Hang Seng ended 0.9% lower, and China's Shanghai Composite finished 0.1% lower. Meanwhile, the UK's FTSE 100 was down 0.1%, and Germany's DAX index was 0.5% higher in Europe's early afternoon session.In equities, Netflix (NFLX) stock was down 9.5% after the company issued Q2 guidance late Thursday that fell short of analysts' consensus. The streaming company also said that its chairman and co-founder, Reed Hastings, plans to step down when his term ends in June. Exelon (EXC) shares were 1.6% lower after the company's stock rating was downgraded by Mizuho, Barclays and BMO Capital.On the winning side, Eli Lilly (LLY) stock was up 1.9% after the company said its experimental drug Foundayo met its primary endpoint of a phase 3 clinical trial by showing a lower risk of severe cardiovascular incidents compared with insulin glargine in adults with type 2 diabetes. Oracle (ORCL) shares were up 2.6% after the company said it plans to expand its multi-cloud networking capabilities to provide connectivity between Oracle Cloud Infrastructure and Amazon (AMZN) Web Services.

Dow JonesNasdaq CompositeS&P 500$AMZN$EXC$FITB$LLY$NFLX$ORCL$TFC
Sectors

Sector Update: Health Care Stocks Higher Late Afternoon

Health care stocks rose late Tuesday afternoon, with the NYSE Health Care Index up 0.4% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 0.6%.The iShares Biotechnology ETF (IBB) climbed 2.1%.In corporate news, Johnson & Johnson (JNJ) lifted its full-year outlook on Tuesday as the healthcare products conglomerate's Q1 results surpassed Wall Street's expectations. Its shares rose 1.1%.Eli Lilly (LLY) has agreed to buy CrossBridge Bio for up to $300 million in cash, the pre-clinical biotechnology firm said Tuesday. Lilly shares were down 0.6%.Novo Nordisk (NVO) has received the Medicines and Healthcare products Regulatory Agency approval for a new single-dose 7.2 mg of Wegovy to treat adults with obesity, the UK regulator said. Novo shares climbed 3.5%.Biogen (BIIB) shares rose 1.5% after Piper Sandler upgraded the stock to overweight from neutral and boosted its price target to $214 from $177.Avanos Medical (AVNS) shares surged 69% after the company said Tuesday it agreed to be acquired by American Industrial Partners affiliates in an all-cash deal valuing the company at roughly $1.27 billion.

$AVNS$BIIB$JNJ$LLY$NVO
Sectors

Sector Update: Health Care

Health care stocks rose late Tuesday afternoon, with the NYSE Health Care Index up 0.4% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 0.6%.The iShares Biotechnology ETF (IBB) climbed 2.1%.In corporate news, Eli Lilly (LLY) has agreed to buy CrossBridge Bio for up to $300 million in cash, the pre-clinical biotechnology firm said Tuesday. Lilly shares were down 0.6%.

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Wire

Eli Lilly to Acquire CrossBridge Bio

Eli Lilly (LLY) has agreed to buy CrossBridge Bio for up to $300 million in cash, the pre-clinical biotechnology firm said Tuesday.The deal includes an upfront payment and a subsequent payout upon achieving certain development milestone, CrossBridge said.The firm, which is developing a new dual-payload antibody-drug conjugates for cancer treatments, expects an investigational new drug application for its lead candidate, CBB-120, in 2026.Price: $926.84, Change: $-2.71, Percent Change: -0.29%

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Sectors

Sector Update: Health Care Stocks Mixed Late Afternoon

Health care stocks were mixed late Thursday afternoon, with the NYSE Health Care Index adding 0.1% and the State Street Health Care Select Sector SPDR ETF (XLV) easing 0.1%.The iShares Biotechnology ETF (IBB) increased 0.2%.In corporate news, STAAR Surgical (STAA) needs to show that the rebound in China is sustainable after the firm reported much higher preliminary Q1 net sales than consensus, Wedbush said in a note. Wedbush raised the company's price target to $26 from $21, while keeping its neutral rating. STAAR shares jumped 21%.Amazon.com's (AMZN) Amazon Pharmacy said Thursday it is offering Eli Lilly's (LLY) obesity pill Foundayo. Additionally, WW International (WW) said Thursday it is now offering access to Foundayo for weight loss through its Med+ program and affiliated medical groups. Lilly shares rose 0.4%.BridgeBio Pharma (BBIO) is transitioning from a single-asset transthyretin story into a diversified rare disease company, with growth poised to accelerate beyond its ATTR franchise, RBC Capital said in a note. RBC started coverage of the company with an outperform rating and a price target of $100. BridgeBio shares rose 2.7%.Vanda Pharmaceuticals (VNDA) said Thursday it is calling on the US Food and Drug Administration to withdraw a proposal in the regulator's fiscal 2027 Congressional Budget Justification that would extend drug review timelines. Vanda shares were down 0.3%.

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