J.P. Morgan Reiterates Upbeat View of Biogen Idec on Back of Alzheimer’s Drug Study Data

J.P. Morgan's healthcare analyst Cory Kasimov weighed in today with a favorable report on Biogen Idec Inc (NASDAQ :BIIB), reiterating an Overweight rating, following this morning's presentation of interim Phase 1 BIIIB037 data in Alzheimer's at the 12th International Conference on Alzheimer's and Parkinson's Diseases and Related Neurological Disorders in Nice, France.


Kasimov wrote, "We come away from the presentation increasingly encouraged, as the consistency of results across endpoints (clinical and biomarker) and stat sig (nominal) across measures met our relatively high expectations. As we noted in our preview (here), we think this strong efficacy profile in Phase 1 (with relatively low patient numbers) is quite impressive relative to the early data we have seen from other antibodies. Of course there are meaningful risks heading into Phase 3, but we nevertheless suspect these promising results will reinforce investor desire to own a piece of the potential of this asset and further fuel expectations." 

Bottom line, "Coming out of the presentation BIIB remains our top large-cap pick as we think its combination of solid earnings growth plus significant late-stage pipeline optionality (with now increased confidence in the AD potential) provides one of the more compelling opportunities among its peers."

According to TipRanks.com, which measures analysts' and bloggers' success rate based on how their calls perform, analyst Cory Kasimov has a total average return of 15.7% and a 63.9% success rate. Kasimov has a 18.9% average return when recommending BIIB, and is ranked #303 out of 3535 analysts.


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