Despite Drug Trial Miss, Here's Why Biogen Should Trade Higher

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BMO Capital Markets said Biogen Inc BIIB shares should trade higher, despite a recent drug trial miss, on CTAD data (Clinical Trials on Alzheimer's Disease).

The CTAD data show:

  • Solanezumab caused small yet consistent improvements on secondary endpoints, including CDR-SB (aducanumab's P3 endpoint).”
  • “Aducanumab titration yielded efficacy similar to 6–10mg/kg doses.”

    However, the brokerage maintains its Market Perform rating on Biogen shares, with a price target of $331.

    To Go More Bullish

    “In order to get more constructive on BIIB, on Friday, we want to see data regarding: (1) ARIA-E severity in titration cohort; (2) 24- month efficacy magnitude; and (3) cognitive benefit from placebo patients switching to aducanumab in LTE,” analyst Ian Somaiya wrote in a note.

    Earlier in Friday's morning session, hares of Biogen rose 5.13 percent to $304.39; however, at last check, shares were up just 0.94 percent at $292.25.

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    Posted In: Analyst ColorBiotechNewsHealth CarePrice TargetReiterationAnalyst RatingsMoversGeneralBMO Capital MarketsM. Ian Somaiyasolanezumab
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