Biogen (NASDAQ:BIIB) stock is on the move Wednesday after the company provided the latest update on its Alzheimer’s drug candidate.
According to a press release from the biotechnology company, lecanemab performed well in a Phase 3 clinical trial. That trial was testing the efficiency of the drug compared to a placebo. Results from the study were measured using the Clinical Dementia Rating Sum of Boxes (CDR-SB).
Those results showed lecanemab patients score 1.21 on the CDR-SB, as compared to the 1.66 from placebo patients. That represents a 27% slowing of decline, which counts as statistically significant.
With those results, Biogen’s Alzheimer’s drug met the primary endpoint of the clinical trial. Investors will also note that the drug saw statistically significant results for all secondary endpoints as well.
What Do These Results Mean for BIIB Stock?
Biogen reporting positive results from the clinical trial is a plus for investors in BIIB stock. It means the company is one step closer to getting approval from the U.S. Food and Drug Administration (FDA) if it submits a New Drug Application. This approval would open it to commercial sales of the Alzheimer’s treatment.
Following today’s news, several analysts boosted their price targets for BIIB stock. Barclays increased its price target from $275 to $313, Wedbush from $218 to $247 and Jefferies from $325 to $350.
BIIB stock is up 5.8% as of Wednesday morning and up 26.4% since the start of the year.
Investors looking for more of the most recent stock market news will want to keep reading!
InvestorPlace is home to all of the latest stock happening with our coverage for Wednesday! That includes a list of stocks to drop before they crash, this morning’s biggest pre-market stock movers and more. You can find all of that news at the following links!
More Wednesday Stock Market News
- 25 Stocks to Sell Before They Die
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
- FTX Crypto Scandal Continues to Ripple With New BlockFi Lawsuit
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
