UPDATE: Goldman Sachs Reiterates Neutral Rating, Raises PT on Eli Lilly & Company

In a report published Wednesday, Goldman Sachs reiterated its Neutral rating on Eli Lilly & Company

, and raised its price target from $54.00 to $56.00. Goldman Sachs noted, “LLY was up 4.1% today, January 29 (vs. the S&P500 up 0.5%), on the back of a strong 4Q and an earnings conference call that focused on LLY's pipeline progress. Consistent with our Pharma call, capital continues to move into the sector as investors look past the cliff to the potential for sustained growth driven by pipeline assets. Much of the excitement was about ramucirumab (RAM) despite underwhelming OS data. LLY plans to submit a regulatory filing based on the mono-therapy study for metastatic gastric cancer data this year in the US and EU. LLY is also pursuing five additional P3 studies for RAM (liver cancer, colorectal cancer, breast cancer, NSCLC and a gastric combo trial). Enzastaurin is the third cancer drug in P3 trials (plans to submit data to FDA later this year for diffuse large B-cell lymphoma, if P3 is positive). In addition to the cancer pipeline, LLY could submit regulatory filings this year for three diabetes drugs, dulaglutide, empagliflozin, and the insulin glargine product.” Eli Lilly & Company closed on Tuesday at $54.32.