Morgan Stanley says Biogen Alzheimer trial change could be positive or negative
Morgan Stanley analyst Matthew Harrison noted that Biogen management indicated during an industry conference presentation that the enrollment for the Phase 3 aducanumab trials in Alzheimer's was being increased by 510 patients. Investors clearly took this as bad news, but "we just don't have enough information to know if the reason driving the change is bad or good," Harrison tells investors. The higher variability could be driven by a larger than expected treatment effect and "it is completely possible...aducanumab is actually doing better than expected," he added. Stating that the news doesn't fundamentally change his positive view on Biogen, Harrison maintains an Overweight rating on the shares.