Analyst Carter Gould from Barclays maintained a Hold rating on Biogen (BIIB – Research Report) and keeping the price target at $200.00.
Carter Gould has given his Hold rating due to a combination of factors surrounding Biogen’s recent developments and expectations. The discontinuation of the BIIB105 program after lackluster results in the ALSpire study, coupled with the decision to not pursue the BIIB121 option in Angelman Syndrome, has removed some potential growth opportunities for the company. These two programs were not heavily anticipated to succeed, but their elimination narrows the scope of Biogen’s prospects, placing increased pressure on the successful ramp-up of their new Alzheimer’s drug, Leqembi.
While Leqembi is showing progress and gaining momentum, there is still significant work required to achieve an exponential increase in sales volume. The recent increase in weekly volume units is a positive indicator, but the fluctuations in weekly data suggest there are hurdles to consistent growth. Gould’s rating reflects the current state of cautious optimism, acknowledging the potential of Leqembi to drive revenue but also recognizing the challenges and uncertainties that lie ahead for Biogen.
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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.
Read More on BIIB:
- Biogen and Ionis Announce Topline Phase 1/2 Study Results of Investigational Drug in Amyotrophic Lateral Sclerosis
- Eisai/Biogen initiate FDA BLA for LEQEMBI
- Eisai Initiates Rolling Biologics License Application to US FDA for LEQEMBI® (lecanemab-irmb) for Subcutaneous Maintenance Dosing for the Treatment of Early Alzheimer’s Disease Under the Fast Track Status
- Biogen price target raised to $342 from $339 at HSBC
- Biogen reports progress on Corporate Responsibility Priorities
