RBC Capital confirmed that a recent clinicaltrials.gov listing for a new drug called BIIB145 refers to a BTK degrader that is about to enter the clinic, which the firm believes likely derives from Biogen’s (BIIB) CCCC collaboration. Protein degradation is a space that is becoming increasingly well-validated and BTK degraders in particular have had their safety and target engagement well validated at this point, says the analyst, who continues to see Biogen’s pipeline as “underappreciated though potentially promising long term.” The firm has an Outperform rating and $210 price target on the shares.
Claim 50% Off TipRanks Premium and Invest with Confidence
- Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BIIB:
- Seagate, Western Digital among additions to Nasdaq-100 on 12/22
- Biogen’s New Study on BIIB145: A Potential Game-Changer for MS Treatment?
- Nasdaq-100 Reshuffle: Who’s In, Who’s Out?
- Nasdaq adding Alnylam, Ferrovial, Insmed, Monolithic Power at open on 12/22
- Buy/Sell: Wall Street’s top 10 stock calls this week