Truist lowered the firm’s price target on Biogen (BIIB) to $189 from $193 and keeps a Hold rating on the shares as part of a broader research note previewing Q1 results among Biotech names. The firm is adjusting its model with modest down revision driven primarily by incorporation of the expected financial impacts from the recently announced $5.6B acquisition of Apellis, including forecasts for its commercial stage assets Syfovre and Empaveli into its sales projections, the analyst tells investors in a research note.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BIIB:
- Biogen price target lowered to $190 from $215 at Citi
- Biogen price target raised to $200 from $190 at Morgan Stanley
- Biogen price target lowered to $213 from $233 at RBC Capital
- Biogen expects Q1 results to include $34M expense on pre-tax basis
- Biogen price target raised to $237 from $228 at H.C. Wainwright