Economic Indicators - US MBA mortgage applications fell by -12.7% in the week ended September 26, with the purchase mortgage sub-index down -1.0% and the refinancing sub-index down -20.6% [1] - The September ISM manufacturing index rose +0.4 to a 7-month high of 49.1, exceeding expectations of 49.0 [6] - The September ADP employment change unexpectedly fell by -32,000, marking the largest decline in 2.5 years, while August was revised lower to -3,000 from +54,000 [5] Market Reactions - Stocks initially moved lower due to the US government shutdown, but later recovered, with the S&P 500 and Nasdaq 100 reaching new all-time highs [2][4] - The dollar index fell to a one-week low, while gold prices climbed to a record high amid risk-off sentiment [2] - Rising corporate earnings expectations are a bullish backdrop for stocks, with over 22% of S&P 500 companies providing guidance for Q3 earnings that are expected to beat analysts' expectations [8] Sector Performance - Pharmaceutical stocks rallied, with AstraZeneca closing up more than +9% and Eli Lilly up more than +8%, driven by hopes from Pfizer's deal with the US government [15] - Chipmakers and AI-infrastructure stocks also saw gains, with Super Micro Computer closing up more than +9% and Micron Technology up more than +8% [16] - Grocery retailers declined after Amazon announced a new private-label food brand, leading to Dollar Tree and Dollar General closing down more than -4% and -3% respectively [22] Upcoming Economic Data - Weekly initial unemployment claims are expected to increase by +7,000 to 225,000, and August factory orders are expected to rise by +1.4% month-over-month [9] - September nonfarm payrolls are anticipated to increase by +51,000, with the unemployment rate expected to remain unchanged at 4.3% [9]

Group 1 - The core viewpoint of the article highlights a notable increase in U.S. pharmaceutical stocks on October 1, with AstraZeneca rising over 6% [1] - Sanofi, Amgen, and GlaxoSmithKline saw nearly a 4% increase in their stock prices [1] - Eli Lilly, Boehringer Ingelheim, Novo Nordisk, and Merck experienced close to a 3% rise, while Pfizer's stock increased by over 2% [1]

格隆汇10月1日｜美股医药股逆势上涨，阿斯利康涨超6%，赛诺菲安万特、葛兰素史克涨近4%，礼 来、渤健公司、诺和诺德、默沙东涨近3%，辉瑞涨超2%。 ...

Core Insights - Eisai Co., Ltd. and Biogen Inc. announced the approval of LEQEMBI (lecanemab) for intravenous maintenance dosing every four weeks in China, following its initial approval for treating early Alzheimer's disease in January 2024 [1][2] Group 1: Product Information - LEQEMBI is a humanized monoclonal antibody targeting both soluble and insoluble forms of amyloid-beta, addressing the neurodegenerative processes associated with Alzheimer's disease [3][7] - The drug has been approved in 50 countries and is under regulatory review in 10 additional countries, with a maintenance dosing regimen of 10 mg/kg every four weeks approved in China and the U.S. [7][8] - The primary endpoint for LEQEMBI's approval was the Clinical Dementia Rating Sum of Boxes (CDR-SB), with significant results from the global Clarity AD clinical trial [8] Group 2: Market Potential - As of 2024, there are an estimated 17 million patients in China with mild cognitive impairment or mild dementia due to Alzheimer's disease, a number expected to rise with the aging population [4] - The collaboration between Eisai and Biogen for the development and commercialization of Alzheimer's treatments has been ongoing since 2014, with Eisai leading regulatory submissions globally [10] Group 3: Research and Development - Ongoing clinical studies include the AHEAD 3-45 trial for individuals with preclinical Alzheimer's disease and the Tau NexGen study for Dominantly Inherited Alzheimer's Disease, both involving lecanemab [9]

Core Thesis - Biogen Inc. is viewed as undervalued with a strong potential for growth driven by its Alzheimer's drug lecanemab and a solid multiple sclerosis franchise [2][4]. Financial Performance - As of September 18th, Biogen's share price was $143.81, with trailing and forward P/E ratios of 13.86 and 9.04 respectively [1]. - The consensus for Q2 revenue is $2.65 billion, reflecting a 3% year-over-year decline, with expected EPS of $3.20 [2]. - Recent real-world data indicated a 25% reduction in hospitalizations, which may lead to an FDA label expansion and increased drug uptake [2]. Pipeline and R&D - Biogen's pipeline includes therapies for spinal muscular atrophy (SMA) and synuclein-targeting Parkinson's, providing multiple opportunities through 2027 [3]. - The company has a strong balance sheet with $10 billion in cash and $6 billion in debt, allowing for significant R&D investment, buybacks, or M&A activities [3]. Technical Analysis - The stock has shown resilience, bouncing off a support level of $125 and currently trading just below the 100-day SMA of $129 [3]. - Resistance levels are identified between $132 and $136, with the stock positioned for a potential post-earnings movement [3]. Investment Scenarios - Potential upside for the stock is projected between $138 and $145 if earnings exceed expectations, while downside risk is noted between $118 and $122 if multiple sclerosis sales underperform [4]. - A suggested entry point for investors is around $128 to $130, with strategies to scale into strength above $132 or to add on pullbacks [4].

Group 1 - Biogen Inc. is considered one of the most undervalued stocks on NASDAQ, with a recent acquisition of Alcyone Therapeutics for an initial cash payment of $85 million and additional milestone payments [1] - The acquisition centers on ThecaFlex DRx, an implantable device aimed at providing chronic medication delivery for patients with neurological illnesses, eliminating the need for repeated lumbar punctures [2] - Following the acquisition, Biogen will oversee the development, production, and marketing of ThecaFlex DRx, with ongoing clinical studies assessing its effectiveness in patients with spinal muscular atrophy using SPINRAZA (nusinersen) [3]

Core Viewpoint - Top Wall Street analysts have revised their outlook on several prominent companies, indicating potential shifts in investment sentiment and opportunities in the market [1]. Company Analysis - Analysts are considering buying FCX stock, suggesting a positive outlook for the company [1].

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades, downgrades and initiations, please see our analyst ratings page.Considering buying BIIB stock? Here’s what analysts think: Read This Next: Photo via ShutterstockLoading...Loading... ...

Core Insights - The company is optimistic about the progress of the new Biogen, particularly in the context of the Alzheimer's drug launch, LEQEMBI [1] Group 1: Product Development - The recent approval for subcutaneous maintenance of LEQEMBI is seen as a significant advancement for patient treatment options [1] - The company has initiated a rolling submission for subcutaneous initiation, which is expected to enhance patient accessibility to the treatment [1] - The potential for patients to use an autoinjector at home represents a shift towards more convenient treatment options, while still allowing the choice of infusion center visits [1]

Core Viewpoint - Biogen's supplemental new drug application (sNDA) for a higher dose of Spinraza received a complete response letter (CRL) from the FDA, requesting updates to the Chemistry, Manufacturing, and Controls section without citing clinical data deficiencies [1][8]. Regulatory Developments - The company plans to resubmit the regulatory application quickly based on readily available information [2]. - A similar application for the higher dose of Spinraza is under review in the EU, while the high-dose regimen has already been approved in Japan [6][5]. Dosing Regimen - The new higher dosing regimen includes two initial 50 mg doses at a 14-day interval, followed by a 28 mg maintenance dose every four months, compared to the current regimen of four loading doses of 12 mg [3][4]. - This new regimen is expected to reduce dosing frequency and provide significant clinical benefits for SMA patients [4]. Clinical Data and Benefits - The regulatory filings are supported by data from the phase II/III DEVOTE study, which showed statistically significant improvement in motor function in infants treated with the higher dose [4]. - Management believes that the higher dose could slow neurodegeneration more effectively, with greater reductions in neurofilament observed as early as day 64 [5]. Competitive Landscape - Spinraza faces competition from Novartis' Zolgensma and Roche/PTC Therapeutics' Evrysdi, both approved for SMA, which has negatively impacted Spinraza's sales [10][11]. - Sales of Spinraza declined by 8.5% in Q2 2025 due to increased competitive pressure, and global revenues are expected to remain flat in 2025 [11]. Stock Performance - Biogen's shares have decreased by 8.9% this year, contrasting with a 4.3% increase in the industry [7].