Analysts See Biogen Catalyst Coming On Friday
Biogen Idec Inc (NASDAQ: BIIB) is likely to present favorable data Friday on its prospective treatment for Alzheimer’s disease, according to a couple of analysts.
The company will issue results of a Phase Ib study of its monoclonal antibody BIIB037 at a conference in Nice, France. Its shares were little changed recently at $420.77.
“We expect solid data that can move Biogen higher,” Morgan Stanley’s Matthew Harrison said.
Leerink’s Joseph P. Schwartz noted bullish commentary from Biogen ahead of the meeting. “We’re optimistic for a game-changing effect” for the drug, Schwartz said.
The treatment, derived from healthy, elderly human donors, is aimed at reducing disease-causing plaque in the brain.
Schwartz said, however, that Alzheimer’s specialists “lack clear consensus” about favored treatment approaches and “more needs to be learned” from much larger, Phase III trials of Biogen’s drug.
Harrison expects new data on the drug Friday will “put a new floor” under Biogen’s stock price as the company heads into the second half of 2015.
Later this year, Biogen is expected to release further clinical data on prospective treatments for stroke, multiple sclerosis and pain control.
“Investors have trouble assessing which, if any, of its pipeline products will be the next blockbuster,” Schwartz said.
Phase II data on the company’s prospective treatment for optic neuritis, expected in the second half of 2015, will be of “primary importance” to Biogen’s share price, Schwartz said.
Latest Ratings for BIIB