First Read: Biogen Inc "Post tau sell-side call takes and feedback..." (Buy) Yee

研报英文原文证据摘录

First Read: Biogen Inc "Post tau sell-side call takes and feedback..." (Buy) Yee

Global Research

14 May 2026ab

First Read

EquitiesBiogen Inc

Post tau sell-side call takes and feedback... United States

Biotechnology

12-month rating Buy

BIIB hosted a sell-side call on the heels of positive Phase II BIIB080 tau ASO data

this morning which showed reductions in tau pathology and positive trends on 12m price target US$225.00

cognitive slowing despite missing the primary endpoint of dose response on CDR-SB.

We had previously noted that this was the most likely outcome (60-65% PoS) and thus

Price (14 May 2026) US$198.31these results are consistent with our analysis of the readout which was unlikely to hit stat

sig after BIIB downsized the study in 2024 (deep dive here). RIC: BIIB.O BBG: BIIB US

Trading data and key metrics

There was slowing of cognitive decline at all doses but the low dose showed

52-wk range US$204.53-122.68

particular efficacy benefit which raised some eyebrows. Recall the trial was

Market cap. US$29.1b

randomized 2:1:2:2 thus had half the patients in the low dose 60 mg Q6M arm which

Shares o/s 146m (COM)

outperformed. From a statistical perspective, the observed numerically higher response

Free float 14%

at the lowest dose could be driven by statistical variability rather than a true treatment

effect. The smaller sample size (n=58 vs. n=116 in other arms) introduces greater Avg. daily volume ('000) 1,099

variability, especially given the inherent noisiness of measures like CDR-SB, raising the Avg. daily value (m) US$204.3

possibility that the observed effect could be due to chance rather than a true inverse Common s/h equity (12/26E) US$19.8b

dose-response relationship. Although the study was initially designed with the P/BV (12/26E) 1.5x