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BIIB

Biogen

$217.29

-9.42 (-4.16%)

07:08
03/25/19
03/25
07:08
03/25/19
07:08

Biogen price target lowered to $300 from $363 at H.C. Wainwright

H.C. Wainwright analyst Andrew Fein lowered his price target for Biogen to $300 from $363 after the company and Eisai decided to stop clinical trials of aducanumab based on the futility results of the interim analysis of the Phase 3 trials. Investor focus will likely now shift to the pipeline growth and defense of Biogen's multiple sclerosis franchise, Fein tells investors in a research note. He thinks Spinraza should continue to drive revenue growth in the near-term and believes Biogen has sufficient financial means to continue investing in the pipeline to support the long-term growth of the company. The analyst keeps a Buy rating on the shares.

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BIIB Biogen
$217.29

-9.42 (-4.16%)

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.
03/22/19
JEFF
03/22/19
NO CHANGE
Target $250
JEFF
Hold
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.
03/22/19
03/22/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. PPG (PPG) downgraded to Underweight from Neutral at JPMorgan with analyst Jeffrey Zekauskas saying PPG shares have been drifting higher in 2019 as the market continues to prefer higher quality and less cyclical materials companies, however general economic business conditions are "arguably weaker than they have been because of decreased rates of economic growth in China and in Europe." 2. Sherwin-Williams (SHW) downgraded to Neutral from Overweight at JPMorgan with analyst Jeffrey Zekauskas citing valuation. 3. Booking Holdings (BKNG) downgraded to Neutral from Outperform at Wedbush with analyst James Hardiman stating that he believes the company's dominant position in Europe will be favorable in the long term, but is likely to represent a liability in 2019 as it is could amplify risks of earnings revisions and multiple compression. 4. Biogen (BIIB) downgraded to Underweight from Overweight at Morgan Stanley with analyst Matthew Harrison citing the failure of two Alzheimer's disease trials and noting that his optimism on Alzheimer's was "completely wrong." 5. Lululemon (LULU) downgraded to Neutral from Outperform at Wedbush with analyst Jen Redding saying that while she continues to see lululemon as best in class among specialty retailers, she is moving to the sidelines in anticipation of potentially less margin upside ahead, based on insights from proprietary data products. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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