Jefferies Maintains Underperform on Eli Lilly

Jefferies & Company published a note Friday on Eli Lilly (NYSE: LLY) that commented on benefits from solanezumab in mild patients.

In the report, Jefferies wrote, "Eli Lilly announced mixed headline data from solanezumab in Alzheimer's disease. Both studies failed to meet the primary endpoints of cognition and function. However, pooled data from the two studies shows a significant effect on cognition (not function). This was led by an effect in mild patients. With no significant effect even in mild patients seen in one of the two studies, we expect the magnitude of benefit to be questioned."

Jefferies maintained its Underperform rating and $35 price target on Eli Lilly, which closed yesterday at 42.40 and is up 6.7 percent Friday morning in pre-market trading.