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BIIB

Biogen

$296.08

-20.91 (-6.60%)

08:52
02/15/18
02/15
08:52
02/15/18
08:52

Biogen enrollment increase is not unusual, says William Blair

William Blair analyst Matt Phipps believes increasing enrollment of Biogen's Phase III trials of aducanumab in prodromal Alzheimer's disease to ensure appropriate powering and confidence interval error margin, which caused yesterday's share selloff, is "prudent and not unusual." Based on his analysis, the trial is sufficiently powered to detect a benefit significantly below what was observed in the Phase Ib trial. The increase in variability in and of itself does not preclude trial success, Phipps tells investors in a research note. He sees "very limited" downside at current price levels if aducanumab were to fail, and adds that success of Biogen's growing earlier stage pipeline has the potential to provide additional upside. The analyst sees upside potential of over 50%, to $500 per share, if Phase III trials of aducanumab are successful, and a base support level slightly below $300 per share if the trials fail. Phipps keeps an Outperform rating on Biogen.

  • 08

    Mar

  • 30

    May

BIIB Biogen
$296.08

-20.91 (-6.60%)

02/07/18
PIPR
02/07/18
NO CHANGE
Target $407
PIPR
Overweight
Biogen should be bought on any weakness, says Piper Jaffray
Piper Jaffray analyst Christopher Raymond recommends buying Biogen on any weakness following news that Tysabri's Action2 study in acute ischemic stroke failed to demonstrate a clinical benefit. Tysabri had failed once before in this setting, and the analyst notes he saw little reason for optimism on this study. Raymond says remains focused on the strength of Biogen's multiple sclerosis franchise, Spinraza, and the positive signals from Phase 1 studies in aducanumab. He keeps an Overweight rating on Biogen with a $407 price target.
02/14/18
JEFF
02/14/18
NO CHANGE
Target $375
JEFF
Hold
Biogen swings back to Alzheimer's uncertainty, says Jefferies
At an industry conference today, Biogen provided some updates to its Phase III Alzheimer's study, including plans to add an additional 510 patients across the two aducanumab studies, Jefferies analyst Michael Yee tells investors in a research note. While these changes do not necessarily dramatically change the probability of success, it does change Wall Street's "sense of confidence," Yee contends. He believes the market will "swing back to uncertainty" on the Alzheimer's pendulum based on trial changes. Yee thinks Biogen needs to acquire de-risked "neuro/orphan companies" to "change the narrative" from being a binary Alzheimer's company to one with products even if Alzheimer's doesn't work. Yee keeps a Hold rating on Biogen shares with a $375 price target. The stock in afternoon trading is down 7% to $295.42.
02/15/18
PIPR
02/15/18
NO CHANGE
Target $407
PIPR
Overweight
Biogen selloff yesterday a buying opportunity, says Piper Jaffray
Piper Jaffray analyst Christopher Raymond recommends using the selloff yesterday in shares of Biogen (BIIB) as a buying opportunity. The stock pulled back after management disclosed at a conference plans to up-size the Phase 3 aducanumab program by 510 patients total. While "this is a bit unnerving," particularly on the heels of another Phase 3 Alzheimer's failure for Merck's (MRK) verubecestat, the study remains blinded and variability on the primary endpoint can stem from a host of reasons, not all of them bad, Raymond tells investors in a research note titled "Aducanumab P3 Upsizing Doesn't Tell Us Much." The analyst does not think yesterday's news says much about the chances for an interim analysis or about aducanumab's efficacy profile. He keeps an Overweight rating on Biogen with a $407 price target.
02/15/18
ADAM
02/15/18
NO CHANGE
Target $350
ADAM
Hold
Biogen trial change does not alter efficacy assumptions, says Canaccord
Canaccord analyst Sumant Kulkarni noted Biogen announced an upsizing to its Alzheimer drug trial due to greater variability on the primary endpoint. The analyst said this was based on a pre-specified plan and does not change the efficacy assumptions of the drug. As a result he expects the shares to recover some of their losses. Kulkarni maintained his Hold rating and $350 price target on Biogen shares.

TODAY'S FREE FLY STORIES

KFS

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V

Visa

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-0.33 (-0.21%)

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NAVB

Navidea

$0.17

0.0001 (0.06%)

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TISA

Top Image Systems

$0.84

-0.0069 (-0.81%)

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FCPT

Four Corners Property Trust

$28.17

0.49 (1.77%)

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PRK

Park National

$93.98

-2.72 (-2.81%)

19:32
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Earnings
Park National reports Q1 EPS $1.62, two estimates $1.61 »

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  • 22

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STNE

StoneCo

$26.50

-8.25 (-23.74%)

19:29
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StoneCo says latest incentive offers from competitors don't change strategy »

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  • 11

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GPIC

Gaming Partners

$13.09

(0.00%)

19:24
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SCHW

Charles Schwab

$45.57

-0.53 (-1.15%)

17:04
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Conference/Events
Charles Schwab to hold a webcast »

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  • 26

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MMNFF

MedMen

$0.00

(0.00%)

11:13
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MedMen announces resignations of COO and General Counsel »

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TKC

Turkcell

$5.49

-0.175 (-3.09%)

11:08
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Turkcell sees conclusion of $4.2B lawsuit against MTN this year »

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FCCY

1st Constitution Bancorp

$18.07

-0.14 (-0.77%)

11:05
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Earnings
1st Constitution Bancorp reports Q1 EPS 39c, two estimates 36c »

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QUMU

Qumu

$2.83

-0.035 (-1.22%)

11:03
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Qumu announces death of director Thomas Madison »

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FAT

Fat Brands

$5.15

0.065 (1.28%)

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HRTG

Heritage Insurance

$14.32

0.25 (1.78%)

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COTY

Coty

$11.27

0.02 (0.18%)

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NTES

NetEase

$265.88

-2.34 (-0.87%)

10:45
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09:10
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General news
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U.S. housing starts fell 0.3% to 1.139 M in March »

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08:15
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Housing Starts to be reported at 08:30 »

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General news
Housing Starts Permits to be reported at 08:30 »

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