Biogen stock plummets 28% after company halts Alzheimer’s trials

百健股价周四上午暴跌28%,恐达到单日最大跌幅

2019-03-25 08:30:00 MarketWatch

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By Shares of pharmaceutical giant Biogen Inc. plunged 28% on Thursday morning after the drugmaker said it would discontinue its Phase 3 trials of aducanumab, an investigational drug designed to slow cognitive decline in patients with early Alzheimer’s disease. The move has put the stock on track for its biggest one-day percentage slide since August of 2008. Biogen BIIB, -4.48% and drug development partner Eisai Co. Ltd 4523, -16.55% ESALY, +6.19%  said the decision was based on the results of an interim analysis conducted by an independent monitoring committee. The analysis concluded the trials were unlikely to slow cognitive and functional impairment in patients on aducanumab compared with those on a placebo. U.S.-listed shares of Eisai also fell 28%. Aducanumab joins a long list of other Alzheimer’s drug failures. There have not been any new approved treatments in more than 15 years; the last was approved in 2003. And despite a great need and demand for Alzheimer’s therapies (5.8 million Americans live with the disease, according to the Alzheimer’s Association), aducanumab’s failure will likely cause investors and competitors to shy away even more from the space. Read: One of the big reasons Alzheimer’s goes undiagnosed in older Americans Also: This is the one thing you must do if you’re caring for someone with Alzheimer’s “We think Street will now, unfortunately, discount Alzheimer’s related assets... until further clarity debunks the Street caution on the high-risk nature of the science (and despite our view there are different science and genetics around different targets),” wrote Jefferies analyst Michael Yee in a note to investors. Without its potential blockbuster Alzheimer’s drug, Biogen now needs “a more aggressive business development approach to de-risk and diversify” its pipeline, said RBC Capital Markets analyst Brian Abrahams in a note to investors on Thursday. Aducanumab’s promise prevented many investors from seeing the competitive risks to the company’s multiple sclerosis and spinal muscular atrophy businesses, he said. As of Thursday morning, Biogen’s share price had fallen to $230 from $320 at Wednesday’s close. And analysts don't see any quick fixes. “We cannot find any near term catalysts that would help the stock recover back above $300,” said Geoffrey Porges of SVB Leerink in a Thursday note. At BTIG, the company’s stock was downgraded to neutral. The failure of aducanumab is a big setback for not just company, but also for the so-called amyloid hypothesis, which holds that a buildup of protein fragments called beta amyloid is the primary cause of Alzheimer’s disease. Biogen’s aducanumab is a monoclonal antibody that targets aggregated beta amyloid. Studies have shown that amyloid plaques don’t necessarily correlate with severity of Alzheimer’s symptoms in humans, and some researchers hold that by the time amyloid plaques actually appear, the brain is already too damaged for anti-amyloid drugs to be useful. Porges of SVB Leerink himself was wary of the amyloid hypothesis after speaking to two Alzheimer’s experts in August. In Thursday’s note, he said he and his team already had “many concerns regarding beta amyloid as a target following the failures of multiple other antibodies in recent years.” “It’s clear now,” said Mizuho analyst Salim Syed in a note. “Aducanumab is dead, and we’d argue so is the beta-amyloid hypothesis.” Shares of Biogen have fallen 22% in the year to date, while the S&P 500 SPX, -1.90% has gained 13%. Want news about Asia delivered to your inbox? Subscribe to MarketWatch's free Asia Daily newsletter. Sign up here. Sarah Toy reports on health care for MarketWatch. You can follow her on Twitter @sarahtoy17.
由。 制药巨头百健艾迪公司( Biogen Inc .)股价周四上午暴跌28%,此前这家制药商表示,将停止对阿杜卡umab 的第三期临床试验。阿杜卡umab 是一种旨在减缓早期阿尔茨海默氏症患者认知能力下降的研究药物。 此举使该股有望迎来2008年8月以来最大单日跌幅。 百健(Biogen) BIIB ,-4.48% 和药物开发合作伙伴卫材(Eisai)有限公司 4523,-16.55% ESALY ,+6.19% 该决定是根据一个独立的监测委员会进行的中期分析的结果作出的。分析结果表明,与安慰剂相比,这些试验不太可能减缓阿杜卡单抗患者的认知和功能障碍。卫材(Eisai)在美国上市的股票也下跌了28%。 Aducanumab 加入了一长串其他老年痴呆症药物失败的名单。在15年多的时间里,没有任何新的批准治疗;最后一次批准是在2003年。尽管对阿尔茨海默氏症的治疗有着巨大的需求和需求(根据阿尔茨海默氏症协会的数据,580万美国人患有这种疾病),但阿杜卡努马的失败可能会导致投资者和竞争对手回避更多的空间。 阅读:老年痴呆症在美国老年人中未被发现的一个重要原因 另外:如果你关心的是阿尔茨海默氏症患者,这是你必须做的一件事 “我们认为,不幸的是,华尔街现在将对阿尔茨海默氏症的相关资产进行贴现。。。杰富瑞( Jefferies )分析师迈克尔•耶伊( Michael Yee )在一份致投资者的报告中写道:“在进一步澄清之前,华尔街对科学的高风险性质持谨慎态度(尽管我们认为,围绕不同目标的科学和遗传学不同)。 加拿大皇家银行资本市场( RBC Capital Markets )分析师布赖恩•阿布拉罕斯( Brian Abrahams )周四在给投资者的一份报告中表示,如果没有潜在的重磅炸弹阿尔茨海默氏症( Alzheimer )药物,百健(Biogen)现在需要“一种更积极的业务开发方法来降低风险,实现多元化”。他说, Aducanumab 的承诺使许多投资者看不到该公司多发性硬化症和脊髓性肌萎缩症业务面临的竞争风险。 截至周四上午,百健(Biogen)的股价已从周三收盘时的320美元跌至230美元。分析师们也没有看到任何快速的解决方案。 “我们无法找到任何短期催化剂来帮助该股恢复到300美元以上,” SVB Leerink 的杰弗里•波格斯( Geoffrey Porges )在周四的一份报告中表示。在 BTIG ,该公司的股票被降级为中性。 阿杜坎umab 的失败不仅是公司的一大挫折,也是所谓的淀粉样蛋白假说的一大挫折。该假说认为,β淀粉样蛋白片段的积累是阿尔茨海默病的主要原因。百健(Biogen)的 aducanumab 是一种针对聚合β淀粉样蛋白的单克隆抗体。 研究表明,淀粉样蛋白斑块不一定与人类阿尔茨海默氏症症状的严重程度有关,一些研究人员认为,当淀粉样蛋白斑块实际出现时,大脑已经太过受损,以至于抗淀粉样蛋白药物无法发挥作用。 8月,两位阿尔茨海默症专家发表讲话后, SVB Lerink 的猪自己对淀粉样蛋白假说很警惕。在周四的报告中,他表示,他和他的团队已经“对近年来其他多种抗体失效后的β淀粉样蛋白作为靶标有很多担忧”。 瑞穗( Mizuho )分析师萨利姆•赛德( Salim Syed )在一份报告中表示:“现在很清楚。”“ Aducanumab 已经死了,我们认为β-淀粉样蛋白假说也是如此。” 今年迄今,百健(Biogen)的股价已下跌22%,而标准普尔500指数( S & P 500 SPX ,-1.90% 上涨了13%。 想要关于亚洲的消息送到你的收件箱吗?订阅 MarketWatch 的免费亚洲每日通讯。在这里注册。 Sarah Toy 为 MarketWatch 报道了医疗保健。你可以在 Twitter @ sarahtoy17上跟踪她。

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