Biogen Shares Up Following Eli Lilly's Failed Alzheimer's Study

Shares of Biogen (BIIB) - Get Reportsoared Friday after the biotech company's early clinical trial data of its experimental Alzheimer's drug was leaked Thursday afternoon. This comes as competitor Eli Lilly (LLY) - Get Reportreported that its late stage study for Alzheimer's failed. Eli Lilly says it "nearly hit" its primary endpoint of cognition improvement at 18 months. Following Biogen's phase 3 drug's positive data, Robert Baird analysts increased their outlook for a probability of success from 25% to 40% and increased their target price to $309 from $284. Baird analysts rate Biogen's stock as neutral. TheStreet's Sarah Pringle says the latest developments around the Biogen and Lilly studies comes as other drugmakers double down on their efforts to find a cure for Alzheimer's disease.