Biogen CEO Micel Vounatos said, “This disappointing news confirms the complexity of treating Alzheimer’s disease and the need to further advance knowledge in neuroscience.”
In addition, he stated, “Biogen’s history has been based on pioneering innovation, learning from successes and setbacks. Driven by our steadfast commitment to patients and our strong business foundation, we will continue advancing our pipeline of potential therapies in Alzheimer’s disease and innovative medicines for patients suffering from diseases of high unmet need.”
Analyst doesn’t see near-term catalyst for Biogen shares
In a note to investors, Geoffrey Porges, an equity research analyst at SVB Leerink, suggested that it would be hard for Biogen shares to bounce back its previous trading price. Yesterday, BIIB share traded around $320 each.
According to him, “We cannot find any near term catalysts that would help the stock recover back above $300.”
On the other hand, RBC Capital Markets analyst Brian Abrahams told investors that the biotechnology company needs a “more aggressive business development approach to de-risk and diversify” its pipeline.”
