Jefferies Sees Biogen's (BIIB) Aducanumab More Likely Approved Than Not in the Coming Days

Jefferies analyst Michael Yee reiterated a Buy rating and $450.00 price target on Biogen (NASDAQ: BIIB) with the company days away from the PDUFA for aducanumab. Most investors cannot take on significant binary risk or just don't think it should be approved making the potential approval of Aducanumab an opportunity for significant upside.

The analyst summed up the investment scenario stating "we think approval is 50-60% and higher than consensus 25-30%. We think stock might go to $400 first vs downside ~$175-200 on rejection. However, the key is on downside, we see strategic value for the business and pipeline and remind even CELG, ALXN, AGN, and SHGP all got acquired; using the same multiples on BIIB get us back up to $230-300, implying LT protection for value even if the stock went down a lot."

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 $272.55 yesterday.

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