NEW YORK (TheStreet) -- Shares of Eli Lilly and Co (LLY) are up 0.38% to $85.13 in early market trading Friday, after the pharmaceutical company had its price target raised to $92 from $77 by analysts at Leerink earlier this morning.
The firm issued a higher price target after after evaluating two drugs, evacetrapib for cholesterol and solanezumab for Alzheimer's.
Leerink said its new target assumes a 50% chance of success for evacetrapib and a 20% to 30% probability of success for solanezumab.
With a clear success of either one of the two drugs, analysts expect Lilly shares to trade as high as $98 per share.
With the success of both drugs, Leerink expects shares to reach $122 and beyond.
Indianapolis-based Eli Lilly discovers, develops, manufactures, and sells products in two business segments; human pharmaceutical products and animal health products.
The company's products include Humulin, Jentadueto, Axiron, Cymbalta, Strattera, Amyvid, Gemzar, Erbitux, Effient, ReoPro, Posilac, Posilac and Surmax.
Separately, TheStreet Ratings team rates LILLY (ELI) & CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate LILLY (ELI) & CO (LLY) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins, solid stock price performance and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company has had sub par growth in net income."