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BIIB

Biogen

$226.71

-93.76 (-29.26%)

05:41
03/22/19
03/22
05:41
03/22/19
05:41

Citi downgrades Biogen to Neutral, questions strategy and growth ability

Citi analyst Robyn Karnauskas late yesterday afternoon downgraded Biogen to Neutral from Buy and lowered her price target for the shares to $230 from $470. The stock closed yesterday down 29%, or $93.71, to $226.88. The failure in Alzheimer's disease raises questions about Biogen's strategy and its ability to grow, Karnauskas told investors in a research note. The analyst is concerned with the company's overall strategy, including recent commentary whereby management noted that it believes in sustainability without Alzheimer's and doesn't need acquisitions, ongoing multiple sclerosis headwinds and spinal muscular atrophy competitive erosion with oral pill in adults. Further, investors are going to be critical of Biogen for not laying out its plan for interim analysis, says Karnauskas. The company's refusal to comment on an interim after mentioning it one to two years ago was not in the best interest of shareholders, the analyst contends.

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BIIB Biogen
$226.71

-93.76 (-29.26%)

03/21/19
ADAM
03/21/19
DOWNGRADE
Target $275
ADAM
Hold
Biogen downgraded to Hold from Buy at Canaccord
Canaccord Genuity analyst Sumant Kulkarni downgraded Biogen to Hold from Buy and lowered his price target for the shares to $275 from $396 after the company announced the discontinuation of aducanumab development in mild Alzheimer's disease.
03/21/19
CANT
03/21/19
DOWNGRADE
CANT
Neutral
Biogen downgraded to Neutral from Overweight at Cantor Fitzgerald
03/21/19
STFL
03/21/19
NO CHANGE
STFL
Biogen price target lowered to $233 from $346 at Stifel
Stifel analyst Paul Matteis maintained a Hold rating on Biogen and lowered his price target on shares to $233 from $346 following the drop in the company's stock due to its announcement it would stop its aducanumab phase III studies, ENGAGE and EMERGE, for futility. The analyst said to take a "wait-and-see approach" until there is more visibility in the company's growth and its contingency plan. Matteis noted there are two major catalysts in 2019 -- Novartis Type-2 SMA gene therapy data at AAN, BIIB092 PSP data in the second half of 2019 -- but added that it is hard to get constructive ahead of either event as he worries about the first and lacks conviction in the second.
03/21/19
SBSH
03/21/19
DOWNGRADE
SBSH
Neutral
Biogen downgraded to Neutral from Buy at Citi

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