Biogen's Alzheimer's Drug Misses Trial Goals, Stock Slides, but Analysts Stay Bullish
Biogen's Alzheimer's drug, diranersen, missed its primary endpoint in the Phase 2 CELIA trial, causing its stock to fall over 10%. However, the drug showed meaningful reductions in tau pathology and slower clinical decline. Analysts remain bullish, with a consensus price target of $215.62, citing the company's decision to advance the drug.
BIIB shares fell more than 10% after diranersen, the company's antisense oligonucleotide candidate for Alzheimer's disease, missed its primary endpoint in the Phase 2 CELIA trial . The miss raises fresh questions about the future of the program and tempers expectations for Biogen's broader neuroscience pipeline.
The negative pipeline news was partially offset by continued commercial momentum from Leqembi, BIIB's anti-amyloid antibody partnered with Eisai, which reached $168 million in the last year . Leqembi remains the foundation of the company's near-term Alzheimer's franchise as launch ramps continue in the US, Japan, and Europe.
Despite the setback, several sell-side analysts maintained constructive views, citing the rest of the neuroscience pipeline and Leqembi's commercial trajectory. Investors will look for management commentary on whether diranersen advances into Phase 3 in a refined population or is shelved in favor of next-generation candidates.
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