Bond.az - Guggenheim reiterated a Buy rating and $260 price target on Biogen after positive results from the CELIA study of diranersen, its anti-tau treatment for early Alzheimer's disease.
The stock trades at $191.37. Bond.az analysis suggests it is undervalued with a fair value of $258.41, aligning closely with Guggenheim's target.
The Phase 2 study showed slowing of clinical decline across all doses, with reductions in CSF tau and tau PET biomarkers maintained over 18 months.
Although the study missed its primary endpoint, the strongest cognitive benefit was at the lowest dose (60mg every 24 weeks).
Safety profile was consistent with Phase 1b. Biogen management plans to advance diranersen to Phase 3 registrational development.
Full data will be presented at the AAIC Conference in July. Guggenheim expects the stock to settle around $250 after full disclosure.
