Sola Failure Decreases Value of Biogen's (BIIB) Aducanumab - BMO Capital

BMO Capital analyst M. Ian Somaiya weighed in on Biogen (NASDAQ: BIIB) with shares down on Eli Lilly's solanezumab's failure. The analyst said the news decreases the value of aducanumab's.

Somaiya commented, "We expect BIIB shares to trade down on solanezumab's failure‎, as we believe another Abeta drug failure increases aducanumab's development risk. But downside likely limited (10-15% in our view) given aducanumab's better Abeta oligomer targeting and trial design (early vs. sola's mild patients). We believe positive titration data (CTAD, 12/9), supporting safe use of highest, most effective dose from P1b, are key to aducanumab's P3 success or at a minimum realizing value in an M&A."

The firm maintained an Market Perform rating and price target of $294.00

For an analyst ratings summary and ratings history on Biogen click here. For more ratings news on Biogen click here.

Shares of Biogen closed at $318.11 yesterday.

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