Alzheimer's drug developers soar after Biogen's "unequivocal win"

Prothena

28/09/2022 11:06

** Shares of companies developing Alzheimer's disease
treatments jump before the bell after Biogen  BIIB.O  and
Eisai's  4523.T  treatment succeeds in a late-stage trial 
    ** Prothena Corporation PLC  PRTA.O  jumps 38.6% to $42.88,
Acumen Pharmaceuticals  ABOS.O  rises 29.8% to $6.1 premarket 
    ** The drug, lecanemab, slowed cognitive and functional
decline in a large trial of patients in the early stages of the
disease, marking a rare win in a field littered with failed
drugs  urn:newsml:reuters.com:*:nL1N30Z0O8
    ** The data is an unequivocal win for both Alzheimer's
patients and Biogen, says BMO analyst Evan Seigerman 
    ** These results should confirm any doubts that these drugs
have clinical effect, and we predict there could be multiple
drugs driving a multi-billion dollar class in the future -
Jefferies analyst Michael Yee 
    ** Biogen's shares up 40%, while rival Eli Lilly  LLY.N  up
~8% at $335.60 premarket  urn:newsml:reuters.com:*:nL4N30Z23S
    ** PRTA shares down ~27% YTD, while ABOS down 30.5% 
 (Reporting by Manas Mishra)
 ((Manas.Mishra@thomsonreuters.com;
www.twitter.com/Manaswrites15;))