UPDATE: Piper Sandler Upgrades Biogen (BIIB) to Overweight on Proprietary Checks, Despite Prior Concerns

June 18, 2021 4:57 AM EDT
Get Alerts BIIB Hot Sheet
Price: $331.70 +1.52%

Rating Summary:
    21 Buy, 19 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 14 | New: 23
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(Updated - June 18, 2021 9:09 AM EDT)

Piper Sandler analyst Christopher Raymond upgraded Biogen (NASDAQ: BIIB) from Neutral to Overweight with a price target of $450.00 (from $384.00), finding two new data points too positive to ignore despite Aduhelm misgivings. The two points that changed the analyst's mind are:

1) a new neurologist (n=52) survey indicating above-consensus expected uptake based on patient traffic, physician willingness to prescribe and anticipated payer countermeasures

2) a KOL check with a reimbursement consultant who painted an overwhelmingly positive picture on the access and reimbursement front - He believes that even in the event CMS initiates an NCD, uptake is likely to have few governors for some time.

The analyst stated "Combining this with what we see as a low-probability but still completely free call option that Biogen wins on appeal with the Tecfidera IP case, we think the stock is likely to go higher in the near term."

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 $383.52 yesterday.


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