On Wednesday, shares of Biogen (NASDAQ:BIIB) are trading sharply higher in pre-market as the company has announced positive topline results for its experimental Alzheimer’s drug.

Developed jointly with the Japan-based biotech firm Eisai, the experimental drug lecanemab significantly slowed cognitive and functional decline in the early stage of Alzheimer’s.

Haruo Naito, CEO of Eisai, said that the positive result of the lecanemab, an anti-Aβ protofibril antibody, is an important milestone for Eisai in fulfilling its mission to meet the expectations of the Alzheimer’s disease community.

Reportedly, Lecanemab met the primary endpoint and all key secondary endpoints with highly significant results. Biogen’s CEO Michel Vounatsos said that announcement has given patients and their families hope that lecanemab can potentially slow the progression of Alzheimer’s disease, and provide a clinically meaningful impact on cognition and function.

Earlier in 2022, the United States Food and Drug Administration (USFDA) accepted the Biologics License Application for lecanemab under the accelerated approval plan. The USFDA agreed back then that the results of Clarity-AD can serve as confirmation to verify the benefits of the drug.

After this news, BIIB stock was upgraded to Outperform and its price target has been raised to $360 from $217. On Wednesday, Biogen shares are trading at around $280 in pre-open as of 05:30 EST.