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Biotech / Medical : Eli Lilly

LLY 1,071

+1.4%

Dec 19 9:30 AM EST

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To: Bull-like who wrote (403)	11/9/1998 2:10:00 PM
From: Anthony Wong	of 642

RESEARCH ALERT-Eli Lilly target raised Monday November 9, 10:41 am Eastern Time CHICAGO, Nov 9 (Reuters) - Everen Securities said Monday that it raised its price target for drug maker Eli Lilly & Co. to $94 a share in the intermediate term from $88 a share based on new data concerning its anticlotting drug ReoPro. -- Indianapolis-based Lilly markets the blood clot buster in an agreement with manufacturer Centocor Inc. (Nasdaq:CNTO - news), a Malvern, Pa.-based biotechnology firm. -- Centocor on Monday presented a study showing ReoPro, when used in combination with stents -- small wire-mesh tubes used to prop open weak coronary blood vessels -- reduced risk of death by 57 percent in patients with heart disease. -- The study was presented at an American Heart Association conference. It compared patients with ischemic heart disease who used a combination of ReoPro with stents to reopen blocked coronary arteries to patients undergoing stenting alone. -- ''Our current 1999 (sales estimate) for ReoPro is $480 million with (the 2000 estimate) at $600 million. We expect these estimates to potentially increase,'' Everen said. -- Shares in Lilly were down 1-15/16 at 85-5/8 on the New York Stock Exchange, while shares in Centocor were up 3-1/16 at 50-5/16 on Nasdaq in early trading.

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