Biogen's Parkinson's Antibody Could Boost Prothena, RBC Says

In a report published Sunday, RBC Capital Markets analyst Michael Yee discussed why it is an "incremental positive" that

's new Parkinson's antibody supports his positive thesis on

. Biogen began a Phase 1 study of its BIIB-054, an antibody for Parkinson's disease that targets alpha-synuclein and data is expected to be released mid-2016. The analyst noted that commentary from a recent major medical conference characterized the company's antibody as being a "key target" and having "high potential" over the next few years. Yee noted that Biogen's progress and pipeline with "numerous potential game-changing drugs of interest" over the next three to five years is an "incremental positive" for Prothena. The analyst continued that Biogen's work "validates the value of Prothena's work" and helps support his positive thesis on the company which is in its own Phase 1B study that also involves alpha synuclein antibody in Parkinson's patients. Yee further stated that alpha synuclein is a "new and emerging target in Parkinson's disease, where there has been little advancement or novel therapies in Parkinson's in over a decade." "We continue to think Prothena is an under-valued, attractive smid cap because of its two novel antibody programs with high potential," Yee wrote. "A 3rd antibody just moved into the clinic and we also believe Prothena is working on a 4th targeting tau for Alzheimer's we could hear about next year." Bottom line, new data set for Prothena's Parkinson's drug is expected in the first half of 2016 and the analyst suggested that the data "should look good" and the stock "should continue to trade up" into the data release.