Stifel upgraded Biogen (BIIB) to Buy from Hold with a price target of $202, up from $144, following the Q3 report. The firm believes the stock’s risk/reward is shifting favorably with clinical catalysts ahead. The upgrade is not a call on the base business, as Biogen’s Q3 results were mixed and Q4 “will be just okay,” the analyst tells investors in a research note. However, Stifel believes Biogen shares can trade higher in the next 12 months due to a “narrative shift” in Alzheimer’s. This will be supported by potential success of Eli Lily’s TRAILBLAZER-ALZ 3 trial, which could fundamentally change the way doctors and investors think about amyloid beta antibodies, the analyst tells investors in a research note. Biogen offers “unique optionality even if clinical catalysts still have risks,” contends the firm.
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 Hold Rating: Balancing Promising Growth with Revenue Challenges and Infrastructure Development
- Biogen to highlight progress in rare kidney disease at ASN Kidney Week
- Biogen price target raised to $157 from $155 at Bernstein
- Biogen’s Earnings Call Highlights Robust Growth and Positive Outlook
- Biogen’s Strategic Advancements and Diversification Drive Buy Rating