Biogen today presented the two Phase III Alzheimer's studies at the Clinical Trials on Alzheimer's Disease conference, showing one positive-looking study, Emerge, and one negative, Engage, Jefferies analyst Michael Yee tells investors in a research note. The company focused on the totality of evidence from one and supportive "sub-group" in the second study, adds the analyst. He believes the doctor panel at the conference was positive, which explains the higher share price. Ultimately, aducanumab's potential in Alzheimer's "will remain a debate," says Yee, who notes that consensus expectations are low at a 35% probability of approval being priced into Biogen. The analyst keeps a Hold rating on the shares with a $310 price target.

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