Shares of Biogen Inc. (BIIB) gained 3.2% in Thursday’s extended trading session and another 3.5% at the time of writing after the company revealed positive data from its ADUHELM Phase 3 clinical trials held on 7,000 plasma samples from more than 1,800 patients.
The results showed a significant correlation between plasma p-tau reduction and less cognitive and functional decline in Alzheimer’s disease. Notably, with higher doses and longer duration of ADUHELM, the effect was seen to be better.
The Head of Research and Development at Biogen, Alfred Sandrock, Jr. (M.D., Ph.D.), said, “We are committed to continuing to generate data, and we believe these new findings can help inform treatment choice and advance Alzheimer’s research including in diagnosis and disease monitoring.” (See Biogen stock charts on TipRanks)
Biogen also presented data from the Phase 3b redosing study, EMBARK. The study discloses the impact of patients with Alzheimer’s disease stopping ADUHELM treatment for an extended period of time (average length of 1.7 years) before re-initiating treatment.
The results showed that lower levels of amyloid beta plaque were maintained in the high-dose group during the treatment gap period. However, the discontinuation of treatment led to progress of disease but numerical differences in favor of ADUHELM were maintained across clinical endpoints.
See Insiders’ Hot Stocks on TipRanks >>
Wall Street’s Take
RBC Capital analyst Brian Abrahams reiterated a Hold rating on Biogen with a price target of $295 (10.7% upside potential from current levels).
The rest of the Street is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 14 Buys and 7 Holds. The average Biogen price target of $363 implies 36.2% upside potential to current levels.
Decreased Hedge Fund Activity
TipRanks’ Hedge Fund Trading Activity tool shows that confidence in Biogen is currently Very Negative, as the cumulative change in holdings across all 18 hedge funds that were active in the last quarter was a decrease of 1.7 million shares.
Related News:
Phunware Posts Mixed Third Quarter Results; Shares Rise 5.4%
Luminar Posts Quarterly Loss, Revenues Miss Estimates
Gevo Pops 3.8% Despite In-Line Q3 Loss
