Last week, Biogen Inc (NASDAQ:BIIB) published its Phase 1b PRIME clinical trial coupled with supporting preclinical data in the latest volume of Nature. In light of new data for BIIB’s leading investigational Alzheimer’s disease treatment pipeline drug aducanumab, H.C. Wainwright analyst Andrew Fein reiterates a Buy rating on shares of BIIB with a $360 price target, which represents a 15% increase from where the stock is currently trading.

While positive on the trial, Fein notes, “we approach the cognitive and functional data with caution,” taking into account limitations of potential unblinding caused by ARIA-E, grouping of PBO arms, reliance on observed data, and statistical analyses that were not corrected for multiple comparisons. Therefore, the analyst expresses, “While we view these data as incrementally positive, we reiterate our view that the PRIME trial should only be viewed as a successful PK/PD study in light of several limitations associated with the analysis of the cognitive and functional endpoints.”

“Further, we remind investors that the data made available to date represent only an interim analysis of the PRIME study and we direct attention to additional data points, including cohorts 9 and 10 (the titration arms, important to demonstrate that patients can be titrated through ARIA-E to the highest dose), long-term extension data and additional structural and functional endpoints, specifically volumetric MRI, FDGPET, fMRI and CSF biomarkers, including phospho tau: total tau,” he concludes.

For now, Fein glances ahead to the release of further biomarker data from the PRIME trial, specifically to assess whether the results will “support that clearance of firbrillar Abeta can impact neurodegeneration,” as well as a deeper exploration into the biology behind ARIA-E.

As usual, we like to include the analyst’s track record when reporting on new analyst notes to give a perspective on the effect it has on stock performance. According to TipRanks, five-star analyst Andrew Fein is ranked #193 out of 4,147 analysts. Fein has a 50% success rate and garners 14.4% in his yearly returns. When recommending BIIB, Fein earns 10.3% in average profits on the stock.

TipRanks analytics demonstrate BIIB as a Buy. Based on 19 analysts polled in the last 3 months, 10 rate a Buy on BIIB, while 9 maintain a Hold. The consensus price target stands at $338.47, marking an 8% upside from where the shares last closed.