Here come the B.S. downgrades:
RESEARCH ALERT-Biogen cut to neutral
CHICAGO, Nov 3 (Reuters) - Dain Rauscher Wessels analyst Todd Nelson said Wednesday he cut his rating on Biogen Inc. to neutral from buy-average, after the company said it halted all remaining trials of Antova until it completed a review of adverse events.
- On Oct. 21, Biogen had said it halted studies on Antova for treating hemophilia, multiple sclerosis and diabetes, due to thrombo-embolotic, or blood-clotting, events. At the time, Nelson had remained enthusiastic about Antova for renal transplantation and lupus, but those trials have now been put on hold as well, making the future of the drug unclear, he said.
- Estimates the review of the adverse event data may take more than two to three months, increasing time-to-market even if the outcome is positive.
- Increased attention is now placed on Biogen's Amevive, and Phase III trials on the psoriasis treatment have yet to begin.
- ``Until these (Antova) issues are resolved and visibility is reestablished ... our opinion of BGEN shares is tempered,' Nelson wrote in a report.
- Shares of Biogen were off 3-3/8 at 65-1/4. |
