Biogen fair value at least $443 per share if aducanumab approved, says Truist

Based on questions in the briefing documents, the FDA is giving Biogen the option for aducanumab approval based on efficacy data from one trial, Truist analyst Robyn Karnauskas tells investors in a research note. Given the long nature of their discussions, the filing applications “seems relatively complete” and a decision could be made sooner than the FDA action date of March 7, 2021, says the analyst. Karnauskas, who currently gives aducanumab a 50% probability of success, sees Biogen’s fair value “at least” $443 per share should the FDA approve the Alzheimer’s treatment. Shares of Biogen are up 43%, or $104.68, to $351.69 in morning trading.