Sola News Negative for Biogen (BIIB) as Latest in Numerous Failures for the Mechanism - Baird
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Baird analyst Brian Skorney weighed in on Biogen (NASDAQ: BIIB), saying Eli Lilly's Solanezumab failure is a negative for the company.,
Skorney commented, "Lilly's registrational EXPEDITION 3 trial for solanezumab in mild Alzheimer's patients failed. Though some secondary endpoints favored sola, Lilly's admission that no regulatory filings will be pursued indicates that there was nothing in the data to support additional investigation. We think the news has a clearly negative read-through to Biogen's aducanumab as this study is just the latest in numerous failures for the mechanism."
The firm maintained a Neutral rating price target of $284.
Shares of Biogen closed at $318.11 yesterday.
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