Eli Lilly Wins FDA Approval For Retevmo Lung, Thyroid Cancer Treatment

Drugmaker Eli Lilly & Co (LLY) said the U.S. Food and Drug Administration (FDA) approved its drug for lung and thyroid cancer treatment The drug selpercatinib, which will be sold Read More... The post Eli Lilly Wins FDA Approval For Retevmo Lung, Thyroid Cancer Treatment appeared first on TipRanks Financial Blog.

Eli Lilly Wins FDA Approval For Retevmo Lung, Thyroid Cancer Treatment

Drugmaker Eli Lilly & Co () said the U.S. Food and Drug Administration (FDA) approved its drug for lung and thyroid cancer treatment

The drug selpercatinib, which will be sold under the name of Retevmo, was approved under the FDA's Accelerated Approval regulations based on Phase 1/2 trial's endpoints of objective response rate and duration of response.

Selpercatinib is used as an inhibitor for patients with advanced RET-driven lung and thyroid cancers. RET is a genetic mutation which leads to uncontrolled cell growth. The mutations have been found in about 2% of lung cancers and 10%-20% of papillary thyroid cancers.

"We are extremely proud of how quickly the combined Loxo Oncology and Lilly Oncology teams brought Retevmo to patients, further demonstrating our commitment to delivering life-changing medicines to people living with cancer," said Anne White, president of Lilly Oncology. "Retevmo entered clinical trials in May of 2017 and is now approved less than three years later, representing the most rapid timeline in the development of an oncology medicine with multiple indications.”

Shares in Eli Lilly have been on a winning streak since March 23, advancing 29% to $153.51 as of Friday.

Vamil Divan, analyst at Mizuho Securities at the end of last month maintained his Hold rating on the stock, while raising the price target to $155 from $148, saying that the investor bias towards safer, higher quality names will likely continue to support the shares.

“We believe the underlying fundamentals for the company remain strong,” Divan wrote in a note to investors. “Lilly's current valuation appears stretched to us relative to its large cap biopharma peers so we maintain our Neutral rating.”

TipRanks data shows that Wall Street analysts are evenly divided on Eli Lilly’s stock between 5 Buys and 5 Holds adding up to a Moderate Buy consensus rating. The $161.20 average price target indicates upside potential of 5% in the coming 12 months. (See Eli Lilly’s stock analysis on TipRanks).

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The post Eli Lilly Wins FDA Approval For Retevmo Lung, Thyroid Cancer Treatment appeared first on TipRanks Financial Blog.

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Affirm’s Max Levchin, co-founder of PayPal, on the future of money after coronavirus

Levchin is bearish on cash, credit cards and medium-sized banks.

Affirm’s Max Levchin, co-founder of PayPal, on the future of money after coronavirus

Max Levchin has a good track record at predicting the future of money and finance—most notably he co-founded PayPal in 1998, an era when credit card companies totally dominated the world of payments.

Today, Levchin appears to have made another successful bet with Affirm, a site that lets consumers arrange installment payments with online merchants ranging from Wal-Mart to Peloton. Since he founded the company in 2012, Levchin has seen Affirm’s user base triple every year, with the company counting 5.3 million customers as of May.

In an interview with Fortune, Levchin reflected how the pandemic will change shopping and payment habits. The most immediate effect, he says, will be a decline in the use of cash.

“People are going to start realizing cash is not just a bit dirty, but a potential viral transmitter,” he said. “On balance that’s a good thing because [a decline in cash usage] will bring more transactions into the light.”

Levchin also predicts the pandemic will lead the U.S. to broadly adopt the contactless forms of payment—waving phones or debit cards—that are prevalent in many other countries.

Unsurprisingly, Levchin is also bearish on the future of credit cards, and claims the economic crisis will cause Americans to become more disciplined about debt. Levchin thinks consumers will come to reject the card industry’s practice of encouraging them to pay a minimum amount every month—a habit that can lead people to owe money indefinitely.

While buying with Affirm likewise results in consumers taking on debt—typically with interest rates of 10 to 30%—Levchin says the installment process is superior to credit cards because it is transparent, and lets consumers know exactly when the debt will be retired.

As for the broader world of finance, Levchin predicts that mid-sized banks will be squeezed badly in the pandemic. In the long run, he says the crisis will benefit giants like JP Morgan as well as a host of digital-first “challenger banks” like Chime.

“There’s the potential for a bonanza of customer acquitions for challenger banks where you don’t have to leave the house or touch anything but your phone. It’s not just cool, but safer as well,” he says.

As for his own finances, Levchin says he is enthusiastic about neither cryptocurrency nor gold—two assets that many see as valuable in a crisis. He owns no gold but adds he does own a small amount of Bitcoin he received years ago as payment in a deal.

And, perhaps surprisingly for a financial visionary, the division of labor in his own household does not include managing the family’s investments. “In the Levchin household, my wife does the investments. She’s done extraordinarily well,” he says.

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More must-read finance coverage from Fortune:

—Saving lives vs. saving the economy is a false tradeoff, economists say
—Real unemployment rate soars past 24.9%—and —17% of unemployed workers aren’t looking for work—and —Does Apple’s stock buyback strategy make sense in this market?
—Goldman Sachs doubts there will be a Round 3 of PPP loans for small businesses
—Listen to , a Fortune podcast examining the evolving role of CEO
—WATCH: Why the banks were ready for the financial impact of coronavirus

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