Deutsche Bank issued an analyst note on Biogen Idec Inc BIIB after the company reported positive data for BIIB-037 in Alzheimer’s at the firm’s biofest.
Analyst Robyn Karnauskas commented, “The company noted that they saw dose and time dependent reductions in Amyloid-beta in the phase 1b study. The company also saw [a statistically significant] benefit in cognition endpoint. According to the company the data are strong enough to move into phase 3 and the company is aggressively moving forward for that.”
Karnauskas saw “FV of Alzheimer’s at $58/sh for BIIB at 100 percent. We believe the street could be assigning 25-50 percent probability with this first success and see upside of $15-$29/sh to stock. We think the today’s stock move of ~22/sh fairly represents the potential upside at this stage.”
The firm reiterated its Buy rating and $430 price target.
Biogen shares spiked up at the open and recently traded at $328.19, up 6.4 percent.
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