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Fly News Breaks for July 22, 2015
ALXN, CELG, BIIB
Jul 22, 2015 | 09:28 EDT
Piper Jaffray analyst Joshua Schimmer cut his rating on Biogen (BIIB) to Neutral from Overweight, saying data from its Phase 2 study of its Alzheimer's drug aducanumab were "sloppy" and that the updated 6 mg data for the drug released this morning does not inspire confidence. Schimmer continues to believe that Biogen needs to make an "aggressive acquisition" to win back investors' confidence, but added that unlike Celgene (CELG) and Alexion (ALXN), whose recent M&A activity were viewed as coming from a place of strength, that investors may perceive a Biogen deal as coming from a place of weakness.
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