Piper still believes in Biogen’s aducanumab after today’s BAN2401 data

Piper Jaffray analyst Christopher Raymond maintains an Overweight rating on shares of Biogen with a $400 price target following today’s updated subpopulation analysis for BAN2401 Phase 2 data in early Alzheimer’s patients. On the surface, the data support the notion that Eisai’s reported statistical significant decline in progression was not driven by the APOE4 carrier imbalance in the 10 mg/kg bi-weekly dosing cohort, Raymond tells investors in a research note. The analyst, however, also acknowledges that nuances in the data, coupled with a “rather convoluted presentation,” are likely to provide “ample ammunition for A-beta bears” at least until the 2020 full Phase 3 readout for aducanumab. He says that while he still believes in aducanumab, today’s BAN2401 readout does not make him any more supportive of that belief. Raymond continues to think Biogen shares “should see lift as we approach that important 2020 read-out.” The stock in midday trading is down over 1% to $297.67.
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