Needham analyst Ami Fadia raised her price target on Biogen (NASDAQ:BIIB) to $256 from $255 and maintained a Buy rating following a meeting with company management.
Spinraza HD uptake has been “quite positive,” with demand matching Spinraza’s launch levels, driven by both new and returning patients, Fadia wrote. She also cited Biogen’s progress across in-market products, late-stage assets and business development, including the recent RayThera acquisition.
On the Apellis front, management flagged a collaboration opportunity with Syfovre to expand both companies’ commercial capabilities, though Biogen remains in a learning phase with Empaveli given its limited nephrology experience.
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About the Alzheimer’s drug Leqembi, she noted that:
- It is difficult to predict how much the new under-the-skin (SC) injection will boost patient numbers, because patients frequently switch between receiving the injection and an IV drip.
- As many patients do not have a caregiver at home, they prefer going to a clinic for IV treatments.
- More doctors are using blood tests to diagnose patients, but many still prefer traditional PET brain scans.
- Using these simple blood tests makes it much faster and easier to find and enroll patients in the AHEAD 3-45 clinical study.
"The full data for Ph 2 CELIA expected at the AAIC should clarify the rationale for advancing diranersen to the registrational stage," Fadia further wrote.
BIIB Price Action: Shares of Biogen had risen by 1.05% to $218.29 at the time of publication on Monday.
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