Oppenheimer Sees 'Favorable Setup' in Biogen (BIIB) on Alzheimer's Dynamics

Oppenheimer analyst Jay Olson reiterated an Outperform rating and $325.00 price target on Biogen (NASDAQ: BIIB), saying they see a favorable set-up on AD dynamics.

The analyst commented, "With recent dynamics in the AD field and ahead of several near term catalysts for Leqembi including donanemab Ph3 read-across (2Q), FDA AdComm (06/09), and PDUFA date in July for a potential full approval, we view BIIB is well positioned based on: 1) CMS setting an encouraging tone on Leqembi coverage upon full approval; 2) donanemab Ph3, on track to report in 2Q, likely will provide additional upside to BIIB; 3) subQ Leqembi is moving forward with an important competitive advantage; 4) strengthened collaboration with DNLI to develop ATV-Aß mAb providing additional optionality; and 5) strong BIIB080 data supporting accelerated development with potential learnings from Spinraza. We're visiting BIIB on May 4th and will further discuss key topics with management,..."

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Shares of Biogen closed at $304.23 yesterday.

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