Health and Healthcare
Is Biogen Setting Up for a Big Alzheimer's Win?
Published:
Last Updated:
Biogen Inc. (NASDAQ: BIIB) shares rocketed up on Wednesday after briefing documents from the U.S. Food and Drug Administration (FDA) provided evidence of the effectiveness of the firm’s Alzheimer’s disease treatment.
The FDA’s Peripheral and Central Nervous System Drugs Advisory Committee will meet virtually this coming Friday to review Biogen’s marketing application for aducanumab. So far the documents that have been released paint the picture of a potential approval.
The FDA thinks that results from one of the two Phase 3 trials, Study 302, are “highly persuasive” and the study is “capable of providing the primary contribution to a demonstration of substantial evidence of effectiveness of aducanumab.”
In response, Wedbush reiterated a Neutral rating with a $244 price target, implying downside of 1% from the most recent closing price of $247.01.
Wedbush detailed in a quick hit:
No change to outlook on BIIB. The release of FDA Advisory Committee documents highlights several themes likely to emerge at the upcoming panel review (11/6/2020). The documents include four voting questions (eight questions total). Bottom line – FDA’s briefing book totals >300 pages and multiple prerecorded videos, and we continue to digest the material. However, our first reaction is that the agency appears largely aligned with Biogen on key areas. While we continue to expect a vigorous debate at the panel, we think the new base case should be a potential approval.
Excluding Wednesday’s move, Biogen stock had underperformed the broad markets with a pullback of about 17% year to date. In the past 52 weeks, the share price was down closer to 16%.
Biogen stock traded up 44% to $355.28 on Wednesday, in a 52-week range of $243.25 to $374.99. The consensus price target is $287.38.
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.