Biogen stock move on lecanemab data bakes in broader CMS coverage

Positive Phase III data for Alzheimer’s candidate lecanemab has added more than $11 billion back to the Biogen’s valuation. But investors say questions still remain regarding whether the level of benefit shown in the Clarity AD study is clinically meaningful and will lead to CMS altering its National Coverage Determination for the class of Alzheimer therapies.

Biogen Inc. (NASDAQ:BIIB) jumped $78.77 (40%) to $276.56 on Wednesday after the company and its partner Eisai Co. Ltd. (Tokyo:4523) announced late on Tuesday that lecanemab met the primary endpoint and multiple secondary endpoints in Clarity AD. Eisai is leading lecanemab’s development...