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Lilly buys cancer biotech ARMO for $1.6bn
12 May 2018, 01:56 | Rodolfo Wallace
The announcement sent shares of Armo Bio Sciences soaring
The company reported $1.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.08 by $0.06. Quantitative Systematic Strategies LLC's holdings in Eli Lilly and were worth $1,420,000 at the end of the most recent reporting period. Bank of Montreal Can grew its position in Eli Lilly and by 85.4% during the fourth quarter.
Eli Lilly plans to begin a tender offer for all the shares of Armo BioSciences, which Lilly describes as "a late-stage immuno-oncology company that is developing a pipeline of novel, proprietary product candidates created to activate the immune system of cancer patients to recognize and eradicate tumors".
Last month, Lilly, which expressed interest in immuno-oncology deals, appointed the director of Thoracic Medical Oncology at New York University's School of Medicine to lead its medical development in this area.
Looking into the profitability ratios of LLY stock, the investor will find its ROE, ROA, ROI standing at 8.2%, 2.6% and 6.6%, respectively. Strong institutional ownership is an indication that large money managers, endowments and hedge funds believe a company is poised for long-term growth. Investec Asset Management LTD bought a new position in Eli Lilly and during the fourth quarter valued at approximately $163,570,000. 0 analysts call it Underweight, while 1 think it is Overweight. Eli Lilly & Company now has $82.53B valuation. Eli Lilly and had a negative net margin of 0.89% and a positive return on equity of 33.01%. The outlook for 2018 has strengthened as the year has progressed, with the combination of growing demand and supply-side reform driving higher capacity utilisation rates and healthy steel spreads worldwide ly.
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The stock was bought at an average price of GBX 54 ($0.73) per share, for a total transaction of £72,900 ($98,887.68). It operates through John Crane, Smiths Medical, Smiths Detection, Smiths Interconnect, and Flex-Tek divisions.
Eli Lilly notes that once the tender offer is complete, it plans to acquire all non-tendered ARMO shares through a second-step merger.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 8th. Stockholders of record on Thursday, May 17th will be given a $0.5625 dividend. This represents a $2.25 annualized dividend and a dividend yield of 2.79%. The ex-dividend date of this dividend is Wednesday, May 16th. Barclays Plc has invested 0.08% in Eli Lilly and Company (NYSE:LLY). Also, insider Donald A. Zakrowski sold 860 shares of the stock in a transaction on Thursday, March 1st.
Lilly is paying $50 a share, which immediately triggered a 67% spike on the stock this morning as investors rushed in to take advantage of the latest bolt-on deal. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Basically, the P/E ratio tells potential shareholders how much they have to pay for every $1 of earnings. The shares were sold at an average price of $81.12, for a total transaction of $780,780.00. Following the completion of the sale, the insider now owns 4,130 shares of the company's stock, valued at $320,281.50. The disclosure for this sale can be found here. Closing price generally refers to the last price at which a stock trades during a regular trading session. "This is one of the fastest post-IPO exits we've seen in a long time", Jefferies analyst Biren Amin wrote in a research report. The stock of Eli Lilly and Company (NYSE:LLY) earned "Hold" rating by Leerink Swann on Wednesday, December 13. Finally, Bank of America reduced their target price on shares of Eli Lilly and from $88.00 to $86.00 and set a "neutral" rating on the stock in a research report on Thursday, February 1st.
Armo Biosciences Inc (ARMO) shares have been decreased to a Hold rating by research analysts at BMO Capital. Janus Henderson Group plc analysts gave 3 buy-equivalent recommendations, 0 sells and 7 holds. ValuEngine downgraded Eli Lilly and from a "hold" rating to a "sell" rating in a report on Wednesday, May 2nd.
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