Biogen Stock (NASDAQ:BIIB)
Goldman Sachs has upgraded Biogen (NASDAQ:BIIB) to Buy from Neutral ahead of a Phase 3 data readout on its investigational Alzheimer’s drug, lecanemab, after the company’s better-than-expected Q3 2022 financials and outlook hike. As a result, Biogen stock surged in the market.
Late in September, Biogen stock jumped when the firm said that lecanemab, which it develops alongside Eisai (OTCPK:ESALY) (OTCPK:ESALF), had met the main objective in the late-stage research, even though sales of the company’s FDA-approved anti-amyloid Alzheimer’s medication, Aduhelm, had been disappointing.
Goldman Sachs analysts noted that they think the findings are clinically relevant regardless of rival assets, despite investor worries about the complete research data to be disclosed in November.
Eli Lilly and Roche (OTCQX:RHHBY) (OTCQX:RHHBF), two rival drug researchers working on treatments for Alzheimer’s disease, will report late-stage readouts for their anti-amyloid prospects later this year and in the middle of 2023, respectively.
According to the analysts, lecanemab’s functional benefit in Alzheimer’s might fulfill strict Medicaid standards to enable more excellent coverage, leading to a higher price objective of $370 per share for Biogen stock.
Concerns regarding the effectiveness of Aduhelm and other anti-amyloid treatments led Medicaid to limit funding for these medications despite FDA clearance in 2021.
Featured Image- Megapixl @ Doityourself13
Author Shariq Khan 
