BMO Capital Says Biogen's (BIIB) BIIB037 Impresses in Alzheimer

BMO Capital analyst Jim Birchenough reiterated his Outperform rating and $474 price target on Biogen (NASDAQ: BIIB) after the company announced top-line data from a prespecified interim analysis of a phase 1b study of its anti-amyloid beta (Ab) antibody, BIIB037, in prodromal and mild Alzheimer’s disease (AD) at an investor event in Boston.

BIIB reported today that BIIB037 reduced Ab levels in the brain in a dose- and time-dependent manner, and also demonstrated a statistically significant effect on cognition at week 54.

"Overall, data are better than expected, with statistically significant improvement in cognition not anticipated in such a smaller study. Internal consistency of data, including dose and time dependence of Ab clearing as well as FDG-PET improvement in synaptic function in the brain, lend further support for a meaningful biologic and clinical effect that should be reproduced in phase 3," the analyst said.

He added, "Our review of ARIA data from earlier phase 1 study and BIIB037 design itself suggest the possibility for a lower risk, and we expect this to be exploited through further dose exploration, where BIIB indicates some dosing flexibility. Relative to a potential $5-10B opportunity, we view BIIB as attractively valued at current levels and would be buyers here."

For an analyst ratings summary and ratings history on Biogen click here. For more ratings news on Biogen click here.

Shares of Biogen closed at $308.44 yesterday.

You May Also Be Interested In

• Biogen (BIIB) PT Lowered to $270 at Oppenheimer
• CIMC Enric Holdings Ltd. (3899:HK) (CIMEF) PT Lowered to HK$8.70 at HSBC
• Piper Sandler Downgrades Southwestern Energy (SWN) to Neutral