Goldman Sachs analyst Salveen Richter has maintained their bullish stance on BIIB stock, giving a Buy rating on August 4.
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Salveen Richter has given his Buy rating due to a combination of factors including Biogen’s strong performance in collaboration with Eisai. The reported revenue for Leqembi in the second quarter significantly surpassed expectations, driven by effective execution across various regions. Despite a one-time favorable impact in China, the demand for Leqembi is expanding, particularly in the US, where it holds a substantial share of the early Alzheimer’s treatment market.
Looking forward, the anticipated approval of subcutaneous maintenance dosing and the adoption of blood-based biomarker tests are expected to further enhance Biogen’s competitive position. These developments, coupled with favorable guidelines and reimbursement progress, suggest a positive outlook for Biogen’s growth in the Alzheimer’s treatment space. Consequently, these factors collectively support the Buy rating for Biogen’s stock.
In another report released on August 4, Mizuho Securities also maintained a Buy rating on the stock with a $169.00 price target.
Based on the recent corporate insider activity of 40 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.