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BIIB

Biogen

$226.71

-93.76 (-29.26%)

08:43
03/22/19
03/22
08:43
03/22/19
08:43

Biogen shares still not trading at 'Uber-Bear case' yet, says Jefferies

Jefferies analyst Michael Yee lowered his price target for Biogen to $250 from $380 and maintains a Hold rating on the shares following yesterday's Alzheimer's failure. The stock, while "cheap," is not trading at an "Uber-Bear case" yet, Yee tells investors in a research note. The analyst sees downside risk to $175-$200 per share amid the "binary overhang and uncertainty" from the Tecfidera inter partes review. Further, Yee believes Spinraza consensus estimates still have to come down. He maintains a Hold rating on Biogen.

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BIIB Biogen
$226.71

-93.76 (-29.26%)

03/22/19
UBSW
03/22/19
DOWNGRADE
UBSW
Neutral
Biogen downgraded to Neutral from Buy at UBS
UBS analyst Carter Gould downgraded Biogen to Neutral from Buy.
03/22/19
UBSW
03/22/19
DOWNGRADE
Target $242
UBSW
Neutral
UBS downgrades Biogen to Neutral, cuts target to $242 from $395
UBS analyst Carter Gould downgraded Biogen to Neutral from Buy and lowered his price target for the shares to $242 from $395. The failure of aducanumab leaves Biogen with a lack of visibility around a path back to sales growth, Gould tells investors in a research note. As a result, the threats to Tecfidera intellectual property beyond 2020 and competition to Spinraza "should dominate the narrative over the near-term," says the analyst.
03/22/19
BMOC
03/22/19
NO CHANGE
Target $250
BMOC
Market Perform
Biogen price target lowered to $250 from $322 at BMO Capital
BMO Capital analyst George Farmer lowered his price target on Biogen to $250 and kept his Market Perform rating after the phase 3 trial failure of aducanumab. The analyst believes that investor sentiment on the stock will remain negative for some time, while the current valuation will keep potential acquirers from considering a bid. Farmer adds that he is looking ahead to the results of Biogen's Phase 2 trial of BIIB092 in progressive supranuclear palsy expected to be announced in Q4 of this year.
03/22/19
MSCO
03/22/19
DOWNGRADE
Target $210
MSCO
Underweight
Morgan Stanley double downgrades Biogen to Underweight after Alzheimer's failure
As previously reported, Morgan Stanley analyst Matthew Harrison downgraded Biogen to Underweight from Overweight after the company announced the failure of two Alzheimer's disease trials, noting that his optimism on Alzheimer's was "completely wrong." Without that potential upside driver, Harrison does not expect a near-term recovery in Biogen shares, though he admits that a significant acquisition that accelerates topline growth "represents the major risk" to his Underweight thesis. Absent M&A, he sees no near-to-midterm upside driver and believes downside risks from Spinraza competition and challenges to Tecfidera's patents are exposed. Harrison lowered his price target on Biogen shares to $210 from $401.

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WE

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