Biogen (BIIB – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Mohit Bansal from Wells Fargo maintained a Hold rating on the stock and has a $140.00 price target.
Mohit Bansal’s rating is based on a combination of factors affecting Biogen’s financial outlook. The company’s Leqembi sales are expected to exceed consensus estimates due to strong script growth and positive dynamics in international markets like Japan and China. However, the anticipated growth in the US market for Skyclarys is likely to face challenges due to Part D redesign, which could impact sales figures.
Additionally, Biogen’s multiple sclerosis (MS) franchise is under pressure from generic competition and potential biosimilar launches, which are expected to contribute to a decline in sales. A significant factor contributing to the Hold rating is the anticipated one-time IPR&D charge from a recent deal, which is expected to negatively impact earnings per share (EPS). These mixed factors, including both opportunities and challenges, have led to a cautious outlook, resulting in the Hold rating.
Bansal covers the Healthcare sector, focusing on stocks such as Eli Lilly & Co, Gilead Sciences, and Amgen. According to TipRanks, Bansal has an average return of 1.9% and a 48.64% success rate on recommended stocks.
In another report released yesterday, Wedbush also maintained a Hold rating on the stock with a $121.00 price target.