Biogen Inc BIIB shares are trading higher Monday after competitor Roche's Alzheimer's candidate did not meet its primary endpoint in recent studies.
Roche announced results from studies evaluating gantenerumab in people with early Alzheimer's disease. Although gantenerumab was well tolerated, the studies did not meet their primary endpoint of slowing clinical decline.
"While the GRADUATE results are not what we hoped, we are proud to have delivered a high quality, clear and comprehensive Alzheimer's dataset to the field, and we look forward to sharing our learnings with the community as we continue to search for new treatments for this complex disease," said Levi Garraway, chief medical officer and head of global product development at Roche.
Following the announcement, Oppenheimer maintained Biogen with an Outperform rating and raised its price target to $315.
Biogen's lecanemab is being developed as an investigational anti-amyloid beta protofibril antibody for the treatment of mild cognitive impairment due to Alzheimer’s disease.
BIIB Price Action: Biogen has a 52-week high of $292.45 and a 52-week low of $187.16.
The stock was up 4.69% at $302.51 at time of publication, according to Benzinga Pro.
Photo: Michal Jarmoluk from Pixabay.
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