SVB Leerink Transfers Coverage of Biogen (BIIB) at Outperform

SVB Leerink analyst Marc Goodman assumes coverage on Biogen (NASDAQ: BIIB) with a Outperform rating and a price target of $350.00.

The analyst comments "Our investment thesis is four-fold: (1) We believe aducanumab has a better than 50% chance of getting approved for early Alzheimer’s disease (AD) and become a significant product (>$10B peak sales) and yet the stock reflects only a 25% POS. (2) The valuation already reflects a worst case scenario for the Tecfidera loss of exclusivity (LOE) (3Q21) and a significant Spinraza decline due to new competition. (3) The durability of Biogen’s base business profit stream (Multiple Sclerosis (MS) franchise, CD20 royalties, biosimilars) remains underappreciated and provides capital allocation optionality. (4) And the pipeline gets minimal attention and value attribution and thus any good news from this portfolio can drive upside to the valuation."

For an analyst ratings summary and ratings history on Biogen click here. For more ratings news on Biogen click here.

Shares of Biogen closed at $272.73 yesterday.

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