BMO Capital analyst Evan Seigerman upgraded Biogen to Outperform from Market Perform with a price target of $360, up from $217. The analyst views the CLARITY-AD data “as a near-best case.” The top-line data “is as strong as can be, with high statistical significance across all endpoints,” Seigerman tells investors in a research note. The analyst says “data doesn’t get much cleaner than this in biotech.” Importantly, the news diminishes the possibility for Centers for Medicare and Medicaid Services to deny broad coverage of the Alzheimer’s drug once approved, writes Seigerman. Given the results, he’s increased his lecanemab unadjusted peak sales to $13.3B from $5.4B and probability of success to 90% from 50%.
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