>>> Biogen: What does the solanezumab miss mean for aducanumab?; readthrough to

Biogen: What does the solanezumab miss mean for aducanumab?; readthrough to aducanumab is limited, as they have always argued -- H.C. Wainwright
H.C. Wainwright notes on Wednesday morning, Lilly (LLY; not rated) announced that solanezumab missed on its primary endpoint of slowing cognitive decline as measured by the ADAS-Cog14. While the news was certainly disappointing, firm does not find it to be surprising by any measure. They have always regarded the solanezumab story as a high-risk high-reward one that lacked two crucial scientific building blocks: evidence of target engagement and mechanism of action of Abeta clearance. The primary endpoint miss despite the overpowering of the study demonstrates to them, at least at first glance, that the field's skepticism surrounding the controversial target engagement data and proposed MOA of Abeta clearance (potentially peripheral sink mechanism?) were both relevant here. If that is true, these are two important factors to consider when thinking about the read-through potential of solanezumab to aducanumab (they believe it is limited). In contrast to solanezumab, aducanumab has both clear evidence of target engagement and clear clearance of Abeta from the CNS, and is additionally differentiated by a different patient population, prodromal rather than mild AD patients. These important distinctions are not left unnoticed by certain investors judging from the attenuated stock reactions by Wednesday close alone (LLY down by ~10.5%, BIIB down by only ~3.5%). Despite the knee-jerk hit on the AD sphere across the board, firm remains optimistic on the prospects of aducanumab and maintain their Buy rating and $360 PT.

NY Post : Top hedge fund managers make $6M more on average: study

For hedge fund portfolio managers, the difference between working at a top-performing fund and one that is a bottom-dweller is a cool $6 million, recently released data reveals.

Cream of the crop portfolio managers can expect total compensation of $6.8 million in 2016, according to data compiled by Glocap Search, a New York-based financial recruiting firm.

Their less successful peers aren’t even expected to crack $1 million, raking in only $740,000, Glocap found.


So-so managers can expect to take home $2.2 million.

The data applies to hedge funds with assets of $4 billion-plus.

Although differences in performance-based compensation are to be expected, the gap widened this year, as did the performance gap.

Funds that were among the best performers through Sept. 30 were up an average 15 percent, while the poorest funds kept getting poorer, falling an average of 7 percent — a difference of 22 percentage points.

Last year, that gap was 20.3 percentage points.

“Performance caused an increased disparity in pay with the highest-tertile performing funds paying as much as nearly seven times as much as the lowest-tertile performing funds for the same level investment professional,” Adam Zoia, chief executive and founder of Glocap, said in a statement.

This year, the best senior analysts, a rung below portfolio managers, are expected to make $1.5 million, roughly three times as much as their weaker counterparts. The top performers in 2015 earned 1.5 times more than those on the second rung.