Biogen Inc (BIIB) Gets a Buy Rating from Oppenheimer

Oppenheimer analyst Jay Olson maintained a Buy rating on Biogen Inc (BIIB) yesterday and set a price target of $380. The company’s shares closed yesterday at $322.61.

Olson commented:

“Today’s MS webcast highlighted the business outlook: 1) new opportunities to help maintain resilience in increasingly competitive market; 2) investment in lifecycle management including Vumerity (BIIB098) filing in near future and head-to-head data (Study 302) with GI focus in mid-2019, intramuscular (IM) Plegridy to reduce injection site reaction and discontinuations, and extended interval dosing (EID) for Tysabri to reduce PML (Ph3b NOVA will start dosing shortly and US TOUCH registry analysis showed lower PML risk vs. SID); 3) progress with first-in-class agents such as opicinumab, an anti-lingo antibody with Ph2b (AFFINITY trial) data in mid-2020, and small molecule BIIB061, which will enter Ph2 in 2019. Our Outperform rating is based on a stable MS portfolio supported by BIIB’s continued innovation.”

According to TipRanks.com, Olson has currently no stars on a ranking scale of 0-5 stars, with an average return of -11.1% and a 29.3% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Eiger Biopharmaceuticals, and Conatus Pharmaceuticals.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Biogen Inc with a $393 average price target, implying a 21.8% upside from current levels. In a report released yesterday, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $400 price target.

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Based on Biogen Inc’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $1.44 billion. In comparison, last year the company had a net profit of $1.23 billion.

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Biogen, Inc. is a biopharmaceutical company, which engages in discovering, developing, and delivering therapies for neurological and neurodegenerative diseases. It offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA, 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. The company was founded by Charles Weissmann, Heinz Schaller, Kenneth Murray, Walter Gilbert, and Phillip Allen Sharp in 1978 and is headquartered in Cambridge, MA.