In a report released yesterday, Brian Skorney from Robert W. Baird maintained a Buy rating on Biogen (BIIB – Research Report), with a price target of $316.00.
Brian Skorney’s rating is based on a series of positive indicators observed in Biogen’s recent financial performance and market developments. During the first quarter of 2024, Biogen demonstrated significant progress in the launch of its product Leqembi, with signs of improved earnings potential. The uptick in Leqembi sales indicates a growing acceptance among healthcare providers, which may lead to an even stronger performance in the second quarter. Additionally, the implementation of cost-saving measures has begun to reflect positively on the company’s profit and loss statement, signaling a healthier financial outlook.
Furthermore, Skyclarys, another of Biogen’s products, has shown surprising growth, particularly in the European market where its sales increased by 40% quarter-over-quarter. The rapid adoption of Skyclarys in Europe, coupled with the high number of patients already on therapy in the United States, suggests that Biogen is successfully penetrating the market for rare diseases. This positive momentum, along with the anticipation of regulatory approvals in new markets such as Latin America, provides a strong foundation for Skorney’s Buy rating on Biogen’s stock.
In another report released yesterday, H.C. Wainwright also assigned a Buy rating to the stock with a $300.00 price target.
BIIB’s price has also changed moderately for the past six months – from $246.720 to $202.460, which is a -17.94% drop .
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Biogen (BIIB) Company Description:
Incorporated in 1978, Massachusetts-based Biogen, Inc. is a biopharmaceutical company, which discovers, develops, and delivers therapies for the treatment of neurological and neurodegenerative diseases. It offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, VUMERITY, and FAMPYRA for the treatment of multiple sclerosis; SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of severe plaque psoriasis.
