Biogen’s Strategic Advancements in Autoimmune Sector Drive Buy Rating

William Blair analyst Myles Minter has reiterated their bullish stance on BIIB stock, giving a Buy rating yesterday.

Myles Minter has given his Buy rating due to a combination of factors surrounding Biogen’s strategic developments in the autoimmune sector. The company is advancing its CD38-targeting antibody, felzartamab, which was acquired through Hi-Bio, into three Phase III studies for rare autoimmune conditions. These studies are expected to provide significant insights and results in the coming years, with IgA nephropathy (IgAN) being a key focus due to its large market potential and competitive landscape.
Furthermore, Biogen’s choice to target additional autoimmune indications such as antibody-mediated rejection (AMR) and primary membranous nephropathy (PMN) is seen as a strategic move, with AMR showing promise due to its alignment with CD38 targeting mechanisms. The potential for Biogen to be first-to-market in the anti-CD38 class, coupled with the promising early data and strategic focus on chronic treatment paradigms, underpins the positive outlook and supports the Buy rating.

In another report released yesterday, Goldman Sachs also maintained a Buy rating on the stock with a $196.00 price target.

Based on the recent corporate insider activity of 38 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of BIIB in relation to earlier this year.