In a report released on September 2, Salveen Richter from Goldman Sachs maintained a Buy rating on Biogen, with a price target of $197.00.
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Salveen Richter has given his Buy rating due to a combination of factors including the recent FDA approval of Biogen’s Leqembi IQLIK, a subcutaneous autoinjector for maintenance dosing in early Alzheimer’s disease. This approval allows patients to transition from biweekly IV treatments to more convenient at-home weekly subcutaneous dosing, which is expected to alleviate the challenges associated with IV dosing and expand the reach of prescribers.
Additionally, the subcutaneous formulation demonstrated comparable clinical and biomarker benefits to continued IV dosing, with fewer systemic reactions. The introduction of this at-home treatment option is seen as a significant competitive advantage for Biogen, especially against competitors who do not yet offer a similar subcutaneous formulation. These developments, along with the anticipated market launch and the potential for further pipeline advancements, underpin Richter’s positive outlook on Biogen’s stock.
In another report released yesterday, TD Cowen also maintained a Buy rating on the stock with a $175.00 price target.
Based on the recent corporate insider activity of 42 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BIIB in relation to earlier this year.