Nov. 6 at 1:44 PM
Stifel upgraded Biogen from Hold to Buy in a Thursday note, raising its price target to
$202 from
$144, citing an improving risk/reward profile for the stock due to multiple clinical catalysts and a potential "narrative shift" in Alzheimer's disease.
"This is not a recommendation based on the core business," wrote analyst Paul Matteis, noting that Biogen's third-quarter results were mixed, and the firm expects the fourth quarter to be "barely acceptable." Instead, Stifel sees upside potential over the next 12 months driven by developments in Biogen's Alzheimer’s pipeline and beyond.
According to Stifel, Biogen’s shares could benefit from "the potential success of LLY’s TB3 trial, which could fundamentally change how patients, doctors, and investors think about abeta antibodies," as well as the "likely approval for the initiation of lecanemab SQ," which could alleviate current treatment bottlenecks.
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