Bernstein raised the firm’s price target on Biogen (BIIB) to $157 from $155 and keeps a Market Perform rating on the shares following quarterly results. The performance of multiple sclerosis Franchise and to a lesser extent Anti-CD20 drove the revenue beat, outpacing consensus by 14% and 10%, respectively, the firm notes. Leqembi’s miss took away the shine from this beat, and while this can be partly explained by channel dynamics, the broader competitive environment looks increasingly challenging, Bernstein adds.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BIIB:
- Biogen’s Earnings Call Highlights Robust Growth and Positive Outlook
- Biogen’s Strategic Advancements and Diversification Drive Buy Rating
- Biogen’s Market Challenges and Opportunities: Hold Rating Amid Competitive Pressures and Strategic Uncertainties
- Biogen price target lowered to $250 from $255 at Baird
- Biogen’s Balanced Risk-Reward Scenario: Hold Rating Amidst Strong Legacy Performance and Strategic Challenges