J.P. Morgan Comments on Biogen Inc (BIIB) Following Presentation at ECTRIMS Congres
J.P. Morgan analyst Cory Kasimov weighed in on Biogen Inc (NASDAQ:BIIB) after the pharmaceutical giant presented more detailed data from the failed Phase 2 trial of opicinumab (anti-LINGO) in RRMS and SPMS at the 32nd ECTRIMS Congress.
Kasimov commented, “The presentations note that both efficacy and biomarker data indicate the higher proportion of improvement was observed in patients with shorter disease duration, so we suspect a subsequent trial would enroll younger RRMS patients with earlier stage disease (there was no stat sig effect at any dose in the SPMS patients). While data in the younger, earlier stage patients did hit stat sig at few of the doses, we would note that it is a sub-group analysis, though pre-specified, and the totality of the data today doesn’t change our view of the program for the time being (not included in our model).”
The analyst rates Biogen shares a Buy with a price target of $386, which implies an upside of 27.5% from current levels.
As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Cory Kasimov has a yearly average return of -12.1% and a 29.6% success rate. Kasimov has a -19.5% average return when recommending BIIB, and is ranked #4017 out of 4158 analysts.
Out of the 21 analysts polled by TipRanks, 11 rate Biogen stock a Buy, while 10 rate the stock a Hold. With a return potential of 12%, the stock’s consensus target price stands at $338.47.