Questions Linger After CTAD For Biogen's Aducanumab, But Trading Opportunities Exist

|
About: Biogen Inc. (BIIB)
by: The Non-Consensus
This article is exclusive for subscribers.
The Non-Consensus
Long/short equity, research analyst, healthcare, biotech
Summary

On Thursday, Biogen presented additional aducanumab data at CTAD that answered some questions, and raised others.

Bulls believe the totality of the data, including the first positive pivotal trial in Alzheimer’s, is supportive of approval.

Bears believe the data is too confounding to receive approval.

Potential considerations beyond the stats could also potentially shift the odds of approval in Biogen’s favor.

Drug approval could add over $10B in gross revenue, but investors should consider the potential for a more narrow label.

Unpacking The Bull And Bear Thesis

For those who are not familiar with my writing, I write about both the bullish and bearish arguments put forth by institutional investors, sell-side analysts, and industry participants that