Biogen (BIIB) PT Lowered to $262 at Needham & Company
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Rating Summary:
29 Buy, 13 Hold, 0 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 6 | Down: 3 | New: 1
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Needham & Company analyst Ami Fadia lowered the price target on Biogen (NASDAQ: BIIB) to $262.00 (from $290.00) while maintaining a Buy rating following the CMS decisoin.
The analyst commented, "In its final coverage decision CMS limited Aduhelm coverage to clinical trials, although it slightly relaxed requirements for types of covered trials. This will leave Aduhelm's coverage limited to patients in 1,000s range, thereby sig. limiting its potential. We are updating our model to reflect this, along with expected inventory write-off and GM hit, which lowers our PT to $262. The good news is that CMS has left the door open for broader coverage for other anti-amyloid drugs that obtain approval via an endpoint other than a surrogate endpoint. This bodes well for late-stage drugs with upcoming data readouts incl Biogen's lecanumab (3Q22), Roche's gantenerumab (4Q22), and Lilly's donanemab (mid-2023). We don't expect sig downside for BIIB shares on this news as much of this negative decision was already in the stock."
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