Mizuho analyst Salim Syed points out that the name "Biogen" was not mentioned during last night’s 90 minute presentation on the detailed Phase 3 results for lecanemab. Biogen (BIIB) is clearly a partner to Eisai (ESLAY) in the lecanemab program, but no where during the presentation was "Biogen" uttered, Syed tells investors in a research note. "I do wonder if this alone will put pressure on Biogen stock today, and whether it signals a growing possibility of an oncoming litigation between the partners," writes the analyst. Syed adds that the presentation was as expected, "meaning the data overall continued to look great, and any ‘holes’ were in the subgroup analyses." He believes none of these are likely to tank the thesis that the drug will get approved and used, assuming reimbursement. Syed has a Buy rating on Biogen with a $325 price target. The stock in premarket trading is up 3% to $300.15.
Published first on TheFly
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