BMO Capital Downgrades Biogen (BIIB) to Market Perform
(Updated - July 24, 2015 11:43 AM EDT)
BMO Capital downgraded Biogen (NASDAQ: BIIB) from Outperform to Market Perform with a price target of $360 (from $511) after the company posted disappointing Q2 results and outlook.
Analyst Jim Birchenough commented, "With more dramatic than expected slowing of TECFIDERA growth, absent top-line growth overall, several disappointing pipeline updates, including TYSABRI for stroke, and with increased safety risk on higher dosing of BIIB037 for Alzheimer's, we believe the outlook for BIIB has changed dramatically. We remain optimistic regarding longer prospects for anti-LINGO, TYSABRI for SPMS and partnered antisense programs like SMA and Myotonic Dystrophy, but believe that BIIB will need to augment these efforts with more aggressive M&A, which to date has had limited visibility. As such, we would take a wait-and-see approach to BIIB shares."
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 $385.05 yesterday.