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Wednesday, Canada-based NanoVation Therapeutics announced a multi-year partnership with Novo Nordisk A/S to advance the development of novel genetic medicines targeting cardiometabolic and rare diseases.
The partnership combines NanoVation Therapeutics' proprietary long-circulating lipid nanoparticle (lcLNP) technology for RNA delivery to cells outside the liver with Novo Nordisk's expertise in cardiometabolic and rare disease R&D and clinical translation.
Under the agreement, Novo Nordisk and NanoVation will collaborate on two lead programs to develop base-editing therapies for certain rare genetic diseases and up to five additional future targets for cardiometabolic and rare diseases.
Novo Nordisk will receive a defined exclusive, worldwide license to use NanoVation's LNP technology for the two lead programs. NanoVation will receive research funding and is eligible to receive up to approximately $600 million in up-front cash, potential milestone payments, and tiered royalties on future product sales.
NanoVation has an extensive and continuously growing library of novel lipids and LNP compositions.
In preclinical studies, NanoVation's lcLNP technology has demonstrated the ability to deliver nucleic acids to various cell types beyond the liver with improved potency, safety, and stability compared to conventional systems.
On Monday, Korro Bio Inc. announced a collaboration with Novo Nordisk to advance the discovery and development of new genetic medicines. The initial target is cardiometabolic diseases.
The collaboration will focus on developing RNA editing product candidates for two undisclosed targets using Korro's proprietary platform.
Korro is eligible to receive up to $530 million in upfront, development, and commercial milestone payments, in addition to tiered royalties and R&D funding.
Korro will advance up to two programs through preclinical development, after which Novo Nordisk could further advance the programs through clinical studies.
Price Action: NVO stock is up 0.62% at $132.82 at the last check on Wednesday.
Read Next:
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Health care stocks were falling late Tuesday afternoon, with the NYSE Health Care Index dropping 1.4% and the Health Care Select Sector SPDR Fund (XLV) shedding 1.2%.
The iShares Biotechnology ETF (IBB) eased 0.3%.
In corporate news, Novo Nordisk's Ozempic is "very likely" to be one of the next drugs to face price negotiations with the US government, a company executive said Tuesday at the Cantor Global Healthcare Conference in New York, Bloomberg reported. Novo shares were falling 3.4%.
Rhythm Pharmaceuticals shares jumped 7% after JMP Securities initiated coverage on the stock with outperform.
Moderna shares rose 4% after the company received Health Canada's approval for its updated Spikevax COVID-19 vaccine targeting the KP.2 sub-lineage of SARS-CoV-2 in people six months of age and older.
Cigna said its Express Scripts by Evernorth unit sued the Federal Trade Commission in Missouri federal court, demanding a retraction of the agency's July 2024 drug pricing report on the pharmacy benefit manager industry. Cigna shares fell 3%.
Eli Lilly and Company’s LLY stock has risen 21.1% in six months compared with an increase of 10.5% for the industry. The stock has also outperformed the sector as well as the S&P 500 as seen in the chart below.
LLY Stock Outperforms Industry, Sector & S&P 500
Lilly has seen unparalleled success with its GLP-1 drugs, Mounjaro and Zepbound. In the past couple of years, it has received approvals for several new drugs like Kisunla, Omvoh and Jaypirca and witnessed pipeline and regulatory success. Its new drugs have been contributing significantly to its top-line growth in 2024. Lilly is also making rapid pipeline progress in areas like obesity, diabetes and Alzheimer’s.
Let’s understand the company’s strengths and weaknesses to better analyze what is driving the stock price gain and how to play the stock.
Mounjaro & Zepbound: Key Top-Line Drivers for Lilly
Mounjaro and Zepbound include the same compound tirzepatide, a dual GIP and GLP-1 receptor agonist (GIP/GLP-1 RA). The GLP-1 segment is a very important class of drugs for multiple cardiometabolic diseases and is gaining significant popularity. Mounjaro was approved in May 2022 for type II diabetes. Zepbound was launched in November 2023 to treat obesity.
Despite a short time on the market, Mounjaro and Zepbound have become key top-line drivers for Lilly in 2024, with demand rising rapidly. Since 2020, Lilly has committed more than $18 billion to build, upgrade or acquire facilities in the United States and Europe, and the benefit of these investments is showing now as the supply of the drugs is increasing. Mounjaro and Zepbound generated sales of almost $6.7 billion in the first half of 2024, accounting for around 44% of the company’s total revenues.
Tirzepatide is also being developed for other indications like obstructive sleep apnea (OSA), heart failure with preserved ejection fraction (HFpEF), cardiovascular risks and metabolic dysfunction-associated steatohepatitis (MASH). Approval for these expanded indications and launch in additional geographies can further boost sales.
Last month, Lilly launched a discounted single-dose vial version of Zepbound, which is expected to broaden access for obesity patients, especially those without insurance.
Lilly’s tirzepatide medicines face strong competition from Novo Nordisk’s NVO semaglutide. Semaglutide is approved as Ozempic pre-filled pen and Rybelsus oral tablet for type II diabetes and as Wegovy injection for weight management. Wegovy sales have also remained strong. Though Novo Nordisk is also making efforts to improve the supply of its semaglutide drugs, it has not been as successful as Lilly yet.
LLY’s New Drugs & Pipeline Success
Other than Mounjaro and Zepbound, Lilly has gained approvals for some other new drugs in the past year. These included Omvoh for ulcerative colitis and BTK inhibitor Jaypirca for mantle cell lymphoma and chronic lymphocytic leukemia. Lilly expects its new drugs Mounjaro, Omvoh, Zepbound, Ebglyss and Jaypirca to drive its top line in the second half of 2024.
In July, Lilly won a long-awaited FDA approval for Kisunla (donanemab) for treating early symptomatic Alzheimer's disease. Lilly believes Kisunla can generate blockbuster sales. Kisunla is only the second drug on the market to treat Alzheimer's disease after Biogen BIIB and its Japan-based partner Eisai’s Leqembi. Interestingly, Kisunla’s label mentions that physicians may consider stopping the dosing of Kisunla based on the reduction of amyloid plaques, which can prove to be a competitive advantage.
Lilly is investing broadly in obesity and has 11 new molecules currently in clinical development, including two late-stage candidates, orforglipron, an oral GLP-1 small molecule and retatrutide, a GGG tri-agonist. Several phase III data readouts are expected in 2025. While competitors like Amgen (AMGN) and Viking Therapeutics are making rapid progress in their GLP-1-based diabetes/obesity candidates, we believe they will take time to catch up.
LLY Premium Valuation, Rising Estimates
The stock is trading at a premium to the industry, as seen in the chart below.
LLY Stock Valuation
Earnings estimates for 2024 have risen from $13.72 to $16.49 per share over the past 60 days. For 2025, earnings estimates have risen from $19.42 to $23.97 per share over the same timeframe.
LLY Estimate Movement
Invest in LLY's Stock
Lilly has consistently reported strong revenues and profits and dealt well with expiring patents and increasing competition. The stupendous success of Mounjaro and Zepbound has made it the largest drugmaker with a market cap of more than $840 billion. Lilly’s stock has gone up by more than 730% in the past five years, mainly due to its solid pipeline potential, particularly its obesity drugs. The stock is also trading above its 200-day moving average since past several months and started trading above its 50-day moving average from early September.
Lilly’s revenue growth is being driven by higher demand for Mounjaro, Zepbound, Verzenio and others, which will make up for declining sales from Trulicity. Incremental contribution for new drugs, rapid pipeline progress in areas like obesity, diabetes and Alzheimer’s and regular M&A activity will keep the stock afloat.
Lilly is a great stock to have in one’s portfolio currently based on its strong overall financial performance and robust drug pipeline. Consistently rising earnings estimates clearly highlight analysts’ optimistic outlook for further growth. Though LLY currently trades at a premium to the industry, investors should still consider adding this Zacks Rank #1 (Strong Buy) stock as the company is on a roll, achieving key clinical and regulatory victories and delivering exceptionally strong financial performance.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Zacks Investment Research
U.S. stocks traded mostly higher toward the end of trading, with the Nasdaq Composite gaining around 0.2% on Tuesday.
The Dow traded up 0.01% to 41,628.39 while the NASDAQ rose 0.19% to 17,624.93. The S&P 500 also rose, gaining, 0.03% to 5,634.76.
Check This Out: How To Earn $500 A Month From FedEx Stock Ahead Of Q1 Earnings
Leading and Lagging Sectors
Energy shares jumped by 1.3% on Tuesday.
In trading on Tuesday, health care shares fell by 1.1%.
Top Headline
The NAHB/Wells Fargo Housing Market Index climbed to 41 in September versus 39 in the prior month.
Equities Trading UP
Equities Trading DOWN
Commodities
In commodity news, oil traded up 1.6% to $71.21 while gold traded down 0.4% at $2,597.30.
Silver traded down 0.3% to $31.05 on Tuesday, while copper rose 0.1% to $4.2760.
Euro zone
European shares were higher today. The eurozone's STOXX 600 rose 0.40%, Germany's DAX rose 0.50% and France's CAC 40 gained 0.51%. Spain's IBEX 35 Index rose 1.06%, while London's FTSE 100 rose 0.38%.
The ZEW Indicator of Economic Sentiment for the Eurozone fell 8.6 points to an eleven-month low level of 9.3. The ZEW Indicator of Economic Sentiment for Germany fell to 3.6 in September from 19.2 in August.
Asia Pacific Markets
Asian markets closed mostly higher on Tuesday, with Japan's Nikkei 225 falling 1.03%, Hong Kong's Hang Seng Index gaining 1.37% and India's BSE Sensex gaining 0.11%.
The merchandise trade deficit in India increased to $29.7 billion in August, recording the highest level in ten months. India's wholesale prices rose by 1.31% year-over-year in August compared to a 2.04% rise in the prior month.
Economics
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
U.S. stocks traded higher midway through trading, with the Dow Jones index gaining over 100 points on Tuesday.
The Dow traded up 0.26% to 41,728.28 while the NASDAQ rose 0.73% to 17,721.04. The S&P 500 also rose, gaining, 0.39% to 5,655.10.
Check This Out: How To Earn $500 A Month From FedEx Stock Ahead Of Q1 Earnings
Leading and Lagging Sectors
Consumer discretionary shares jumped by 1.6% on Tuesday.
In trading on Tuesday, health care shares fell by 0.2%.
Top Headline
U.S. total business inventories rose by 0.4% month-over-month in July compared to a 0.3% gain in June and topping market expectations of a 0.3% increase.
Equities Trading UP
Equities Trading DOWN
Commodities
In commodity news, oil traded up 1.4% to $71.08 while gold traded down 0.1% at $2,608.40.
Silver traded up 0.6% to $31.31 on Tuesday, while copper rose 0.2% to $4.2865.
Euro zone
European shares were higher today. The eurozone's STOXX 600 rose 0.52%, Germany's DAX rose 0.62% and France's CAC 40 gained 0.52%. Spain's IBEX 35 Index rose 1.22%, while London's FTSE 100 rose 0.43%.
The ZEW Indicator of Economic Sentiment for the Eurozone fell 8.6 points to an eleven-month low level of 9.3. The ZEW Indicator of Economic Sentiment for Germany fell to 3.6 in September from 19.2 in August.
Asia Pacific Markets
Asian markets closed mostly higher on Tuesday, with Japan's Nikkei 225 falling 1.03%, Hong Kong's Hang Seng Index gaining 1.37% and India's BSE Sensex gaining 0.11%.
The merchandise trade deficit in India increased to $29.7 billion in August, recording the highest level in ten months. India's wholesale prices rose by 1.31% year-over-year in August compared to a 2.04% rise in the prior month.
Economics
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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