After the FDA turned down its ulcerative colitis therapy, mirikizumab, earlier this year, Eli Lilly (NYSE:LLY) on Thursday announced that the drug achieved its main goals after a Phase 3 test of the treatment for moderately to severely active Crohn’s disease.
According to the announcement, the company said the drug used to treat an inflammatory disorder in the digestive tract helped 54.1% of patients in the trial. Indeed, these patients stopped experiencing any gastrointestinal symptoms after 52 weeks compared with 19.6% who received a placebo.
Lilly noted that the interleukin-23p19 antagonist achieved both primary endpoints and all of its major secondary endpoints in the VIVID-1 study. In addition, the company said the results were in line with previous tests, with no serious side effects compared to patients who used a placebo. It also noted that the drug was not inferior to Johnson & Johnson’s (NYSE:JNJ) Stelara, used for the same treatment.
The firm said it will use the results to apply for regulatory approval in the U.S. and other regions. The drug is already approved in Japan, Germany, the United Kingdom, and Canada.
What is the Target Price for LLY Stock?
Turning to Wall Street, analysts have a Strong Buy consensus rating on LLY stock based on 16 Buys, one Hold, and zero Sells assigned in the past three months, as indicated by the graphic above. However, the average LLY price target of $603.81 per share implies 0.59% downside risk.
