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Oppenheimer analyst Jay Olson reiterated a Buy rating on Biogen Inc (NASDAQ: BIIB) yesterday and set a price target of $400. The company’s shares closed on Friday at $338.68.
Olson wrote:
“We tuned in to the Roche pipeline update and came away with several favorable observations with regards to Alzheimer’s disease. We are encouraged by management’s comments regarding their outlook for crenezumab and gantenerumab which, despite being competitors to BIIB’s AD portfolio, provide a positive read across, in our view. Key points include 1) importance of reduction in amyloid, 2) confidence in dose escalation, 3) comfort with managing ARIA, 4) epidemiology estimates and 5) reimbursement commentary. Besides BIIB and partner Eisai, Roche is among the leading companies investing in late-stage AD research (Exhibit 1) which increases their credibility, in our opinion. We make minor adjustments to our model and reiterate our Outperform rating for BIIB with $400 PT. Details inside.”
According to TipRanks.com, Olson is a 1-star analyst with an average return of -2.3% and a 43.6% 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 $389.15 average price target.
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Biogen Inc’s market cap is currently $68.22B and has a P/E ratio of 24.02. The company has a Price to Book ratio of 5.56.
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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.
