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BIIB

Biogen

$281.96

58.39 (26.12%)

09:32
10/23/19
10/23
09:32
10/23/19
09:32

Morgan Stanley withholds aducanumab judgement for now, stays Underweight Biogen

Morgan Stanley analyst Matthew Harrison estimates Biogen trading around $300 per share seems to imply 50% odds of success being attributed for aducanumab in Alzheimer's disease, but he is withholding judgement on aducanumab for now as "yesterday's disclosure breaks all the traditional rules related to clinical development and regulatory filings." Though he raised his price target on Biogen shares to $262 from $212, Harrison keeps an Underweight rating on the stock, citing three major reasons: the need greater data disclosure on aducanumab; his belief that there is more downside than upside risk; and the underlying fundamentals that he sees continuing to be under pressure.

BIIB Biogen
$281.96

58.39 (26.12%)

10/23/19
ADAM
10/23/19
NO CHANGE
Target $305
ADAM
Hold
Biogen price target raised to $305 from $285 at Canaccord
Canaccord analyst Suman Kulkarni raised his price target on Biogen to $305 from $285 based on a 20% potential approval for its Alzheimer's drug, aducanumab. The analyst has a best-case scenario of a full approval with a price target that could be as high as $457. Kulkarni maintained his Hold rating on Biogen shares.
10/23/19
BMOC
10/23/19
NO CHANGE
Target $297
BMOC
Market Perform
Biogen price target raised to $297 from $250 at BMO Capital
BMO Capital analyst George Farmer raised his price target on Biogen to $297 after its new results from Phase 3 trials supported the potential of aducanumab in the treatment of early Alzheimer's disease. The analyst notes that his new price target reflects the update of his model to include a-mab sales and royalty estimates, but he keeps his Market Perform rating on the stock pending presentation of a-mab Phase 3 results atCTAD in December.
10/23/19
LEER
10/23/19
UPGRADE
Target $350
LEER
Outperform
Biogen upgraded to Outperform at SVB Leerink
As previously reported, SVB Leerink analyst Geoffrey Porges upgraded Biogen to Outperform from Market Perform with a price target of $350, up from $256. The analyst is ambivalent about the prospects for the company's most important product, which is once again aducanumab, but even with relatively conservative assumptions, and a 50% probability of approval, his fair value estimate for the stock easily reaches $350.
10/23/19
BOFA
10/23/19
NO CHANGE
Target $235
BOFA
Underperform
BofA reiterates Underperform rating on Biogen, still sees commercial headwinds
BofA Merrill Lynch analyst Geoff Meacham continues to be cautious on Biogen and reiterates his Underperform rating on the stock given the commercial headwinds he still sees facing the company, though he raised his price target to $235 from $200 given the Alzheimer's disease pipeline optionality following the "stunner" yesterday that the company sees a path to file a BLA with the FDA for aducanumab. Despite the unmet medical need in Alzheimer's, he does not see the FDA as likely to relax approval criteria for "a mixed approval package" and thinks the most logical path is a two-year pivotal study of high-dose aducanumab in a pre, not post, approval setting, Meacham tells investors.

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