Biogen is a biotechnology company that was founded in 1978 and is headquartered in Cambridge, Massachusetts, USA. The company specializes in discovering and developing new drugs to help patients around the world especially in neurological diseases.
Biogen on a wave of positive news
The company announced today that their drug significantly slowed Alzheimer's disease, making it the first drug to reduce the progression of the most common dementia in a definitive large sample clinical trial. The results strengthen the amyloid hypothesis: the long-held but controversial theory that the accumulation of amyloid over time is one of the main causes of the disease, the company reported. As Reuters added, almost all drugs tested to treat Alzheimer's - a deadly brain disease that affects some 55 million people worldwide - have had negative results in clinical trials. Hence Biogen's success could be even greater.
Source: Conotoxia MT5, Biogen CFD, D1
The data is an "unequivocal victory" for Alzheimer's patients and Biogen, said BMO analyst Evan Seigerman. Biogen shares jumped 50 percent in early US pre-session trading. In contrast, shares of Roche, which is expected to report results on rival Alzheimer's drug gantenerumab later this year, rose 6 percent to a two-month high. Meanwhile, data on Eli Lilly's rival drug donanemab are expected in mid-2023. Shares of the U.S. drugmaker rose 7.8 percent ahead of the session on Wednesday, Reuters reported.
Source: Conotoxia MT5, Eli Lilly CFD, W1
What does Wall Street say about Biogen's success?
Below are quotes from Wall Street analysts from statements given to Bloomberg:
- Baird:
Reported clinical trial data may not only lead to drug approval and reimbursement, but may make it difficult for competitors to match the company.
- Barclays:
Lecanemab's results were "clearly positive" and exceeded most expectations, writes analyst Carter Gould. It provides Biogen with a path to return to growth against a backdrop of weakening core business and represents a positive breakthrough.
- Raymond James:
The survey was a "clear win" and was close to the best-case scenario. Preliminary data looks to support full FDA approval.
- SVB Securities:
The results of the study are "clearly great news" for Biogen, writes analyst Marc Goodman, who expects the findings to revive the discussion around Alzheimer's disease.
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At Conotoxia you can choose from CFDs and DMA CFDs on more than 4,000 shares of companies listed on stock exchanges from all over the world. To find a CFD or DMA CFD on a Biogen share, all you need to do is follow 4 simple steps:
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Daniel Kostecki, Director of the Polish branch of Conotoxia Ltd. (Conotoxia investment service)
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
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