Jefferies 'Encouraged' By Biogen Idec's New Data

In a report released Tuesday, Jefferies reiterated a Buy rating and a $410 price target (set in July) for Biogen Idec Inc (NASDAQ: BIIB). The analysts say that they feel “encouraged by the incremental color on BIIB037, suggesting the results may be more robust than we [the analysts] had hoped and continue to believe anti-LINGO may work well in combination therapy.”

The report goes through some of the recent data from the Phase 1b Alzheimer’s trial of BIIB037 in 200 patients with mild and prodromal disease. “BIIB commented that the two cognitive endpoints used were CDR and MMSE, which they noted are both accepted regulatory endpoints. On the clinical meaningfulness of the cognitive data, BIIB management characterized the cognitive effect as rapid and significant in magnitude and part of the rationale to move directly into Phase 3 trials.”

Related Link: Nomura's Takeways From Biogen Idec's Analyst Meeting

The study is still being conducted, and the company assured that they will “prioritize advancing BIIB037 into Phase 3 development, which they expect in 2H15.”

Regarding LINGO, new data in Acute Optic Neuritis (AON) suggested increased confidence in multiple sclerosis. According to Jefferies’ report, detailed results from the AON trial are expected at the American Academy of Neurology meeting of April 18-25, to take place in Washington, DC.