Biogen price target raised at BofA following results from Lilly in early Alzheimer's disease By Investing.com

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Biogen price target raised at BofA following results from Lilly in early Alzheimer's disease

Published May 05, 2023 06:08

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Biogen price target raised at BofA following results from Lilly in early Alzheimer's disease

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BofA Securities raised its price target on Biogen Inc (NASDAQ:BIIB) to $320.00 from $300.00 and maintained a Neutral rating following results from Eli Lilly and Company (NYSE:LLY) & Co. in early Alzheimer's disease, released on Wednesday.

According to BofA, the clear success of donanemab in Phase 3 will help to substantially diminish skepticism among physicians, payers, caregivers and patients, around the use of plaque removing antibodies. The firm believes the data reflects differences between the drugs and clinical trial populations that likely result in a split of an expanding market opportunity. But, overall, the firm thinks this data actually boosts the likelihood of a successful Leqembi launch.

Following the prolonged controversy surrounding Aduhelm, BofA believes that the success of lecanemab puts that story in the past. In the future, the firm expects that a second commercial effort in the space of Alzheimer, led by Eisai, will have a different outcome. The firm anticipates a quick approval from the FDA and a change at CMS on the reimbursement side opening up a much different commercial launch than it experienced for Aduhelm.

By Davit Kirakosyan

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