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,..."

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 $304.23 yesterday.

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