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tickers: LLY
source: Benzinga
tickers affected by this
| ticker | polarity | why? |
|---|---|---|
| LLY | positively | Eli Lilly’s selection of FHD-909 for clinical development reflects positively on the potential success of the company’s oncology pipeline, potentially driving increased investor confidence and interest in the stock. |
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summary
Foghorn Therapeutics Inc. (FHTX) shares surged by 44.8% to $4.52 during Thursday’s trading session following the announcement that Eli Lilly And Co (LLY) has selected FHD-909, an oral BRM selective inhibitor, for clinical development. The drug is designed to target BRG1 mutated non-small cell lung cancer (NSCLC). Selective BRM inhibition shows promise in cancer research, especially for tumor types like NSCLC with BRG1 mutations, as it can induce tumor cell death while preserving healthy cells.
This development stems from a collaboration between Foghorn and Lilly established in December 2021, with a focus on developing innovative oncology medicines. The collaboration includes co-development and co-commercialization agreements, leveraging Foghorn’s Gene Traffic Control platform for discovery programs. Preclinical data related to this collaboration will be presented at upcoming scientific conferences.
Wall Street analysts have mixed outlooks on Foghorn Therapeutics, with Vikram Purohit from Morgan Stanley being the most bearish, anticipating a 40.0% decline in the stock over the next year. However, recent market performance indicates positive sentiment towards the company, with a 29.47% increase in the stock price over the past 3 months. This suggests a growing confidence in Foghorn based on factors like revenue growth, which rose by 163.46% in the last year.
This news highlights the significant impact of Eli Lilly’s selection of FHD-909 for clinical development on the market perception of Foghorn Therapeutics, showcasing the potential of innovative oncology medicines in addressing complex medical challenges.
