BTIG analyst Thomas Shrader has maintained their neutral stance on BIIB stock, giving a Hold rating today.
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Thomas Shrader’s rating is based on a combination of factors influencing Biogen’s current and future performance. Despite the promising growth in sales from new product launches, overall sales have remained relatively stagnant, with only a slight increase in multiple sclerosis (MS) sales compared to the previous year. The anticipated entry of Tysabri biosimilars into the market poses a potential challenge, as it could create a significant gap in revenue that the company needs to address.
Additionally, while there is optimism surrounding the EVOKE trial and its potential positive impact, the infrastructure needed to support increased sales of Leqembi is still under development. The approval of the Leqembi subcutaneous auto-injector is seen as a positive step, but its full impact on sales is yet to be realized. Furthermore, the recent Alcyone acquisition, while interesting, does not seem to offer a competitive edge over systemic delivery methods. These factors contribute to a cautious outlook, leading to the Hold rating.
In another report released today, Bernstein also maintained a Hold rating on the stock with a $157.00 price target.
Based on the recent corporate insider activity of 41 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.