Biogen sell-side actions

Biogen (BIIB -0.7%) is treading water today after yesterday’s 26% pop when it announced that it had resuscitated left-for-dead Alzheimer’s drug aducanumab and planned to file a U.S. marketing application next quarter. Shares peaked at $318 intraday (+42%) before retracing as investors absorbed the news and likelihood of approval.

Guggenheim’s Yatin Suneja (Buy/$365) and Leerink’s Geoffrey Porges (Outperform/$350) were quick to upgrade considering that aducanumab was once regarded as an asset capable of generating $10B in sales, although Mr. Porges rates the potential FDA nod as an even money proposition, as does Oppenheimer’s Jay Olsen (Outperform/$338).

RBC’s Brian Abrahams, Piper’s Christopher Raymond and Stifel’s Paul Matteis maintain their Neutral ratings citing conflicting clinical data and uncertainty with regulatory approval.

Credit Suisse’s Evan Seigerman, Morgan Stanley’s Matthew Harrison and BofA Merrill Lynch’s Geoff Meacham maintain their Underperform ratings, lacking confidence in the “new analysis” and likelihood of an FDA rejection unless the agency relaxes its approval criteria (they may want to relook at the data supporting the nod for Sarepta Therapeutics’ DMD med Exondys 51).

https://seekingalpha.com/news/3508594-sell-siders-cautious-potential-fda-nod-biogens-aducanumab