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© Reuters. Biogen (BIIB) Threat/Reward is Upside Biased – Stifel
By Sam Boughedda
Biogen (NASDAQ:) shares had been upgraded to Purchase from Maintain, with the worth goal raised to $299 from $223 per share by Stifel analysts on Thursday.
The analysts stated the corporate’s shares have light because the constructive lecanemab information. As well as, they do fear about residual aggressive/industrial dangers despite the uncertainty round BIIB’s future CEO, whereas the analysts additionally acknowledged that gantenerumab and donanemab readouts are overhangs for Biogen. Nonetheless, Stifel believes there may be cause to assume that “in most situations, lecanemab may have a aggressive medical profile.”
“We predict upcoming Roche gantenerumab information are unlikely to dwell as much as the excessive bar lecanemab lately set, and we expect there is a significant industrial function for lecanemab even when LLY’s donanemab succeeds primarily based on lecanemab’s considerably decrease charge of ARIA,” wrote the analysts.
Stifel believes that, within the close to time period, within the probably gantenerumab information situations, Biogen shares will commerce larger.
“Backside line: the inventory set-up is admittedly difficult, however we expect the danger/reward is upside biased, as there’s extra skepticism than we anticipated on what appears like a best-case situation for CLARITY-AD,” the analysts concluded.
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