After Roche (RHHBY) reported negative Phase 3 topline data for gantenerumab in Alzheimer’s disease, Jefferies analyst Michael Yee said Biogen’s (BIIB) scarcity value goes up, calling its lecanemab “a scarce and differentiated asset.” While Roche’s miss was “generally consistent” with his expectation, it is also a positive for Biogen and Eisai’s (ESALY) lecanemab because it removes a potential competitor and “drives higher visibility on our peak $5-10B projections,” said Yee, who has a Buy rating and $325 price target on Biogen shares. Biogen shares are up $15.65, or 5%, to $305.10 in Monday pre-market trading following Roche’s news.