Biogen (BIIB) Worth a 'Hard Look' when Smoke Clears, Stifel Says
Stifel analyst Thomas Shrader weighed in on Biogen (NASDAQ: BIIB) following disappointing Q2 results, which has shares down 18.4% intra-day. While retaining his Hold rating, the analyst said the stock is worth a hard look when the smoke clears.
Shrader commented, "Biogen’s numbers were not particularly impressive mostly driven by slowing Tecfidera growth with the large EU German market bearing much of the blame – the drug was able to switch patients at higher than normal rates in some markets, but clearly not all. We believe investors have grown too cautious on BIIB037 as the company has shown a nearly perfect dose response for plaque removal and cognitive and functional parameters improve in every sub-segment of the trial relative to placebo. The drug is highly active, we believe."
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Shares of Biogen closed at $385.05 yesterday.