Biogen's (BIIB) Aducanumab Appears Further De-Risked - Jefferies

September 2, 2016 7:44 AM EDT
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Jefferies analyst Brian Abrahams saying Biogen's (NASDAQ: BIIB) aducanumab appears to be further de-risked based tidbit tucked away at the very brief PR the company issued yesterday evening on Fast Track status.

"... we believe new data from the ph.Ib dose titration arms is confirming aducanumab's efficacy observed in the prior arms, helping additionally de-risk the program," Abrahams said.

Abrahams expects upside for shares on this development.

The analyst notes a clear suggestions that efficacy data from the additional titration arms is looking good. "d: Recall BIIB had previously reported promising data from the ph.Ib aducanumab fixed-dose arms (1, 3, 6, and 10mg/kg) in the past, and had added two dose-titration arms to the study to try and reduce the ARIA side effect. The company had committed to presenting the safety data from these arms at a medical meeting later this year, but had seemed uncertain as to when and where they would provide efficacy data, given the potential difficulty in interpreting a relatively small dataset (particularly, smaller numbers of pts on placebo). Notably, in today's PR, the company not only committed to presenting efficacy data at an upcoming meeting, but specifically said that the interim look shows the "efficacy... [was] consistent with results previously reported," and we had the opportunity to speak with the company about this. We believe this is a significant development, as it indicates they are observing cognitive and/or beta-amyloid benefits in additional arms -- reaffirming its potential activity despite the questions raised by the murkier 6mg results and supporting the likelihood the antibody will ultimately show efficacy (though part of the decision to release full efficacy/safety data together later this year could also be from the increased attention to the drug spurred by yesterday's Nature cover article)."

The firm maintained a Buy rating and price target of $319 on BIIB.

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 $306.03 yesterday.

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