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Stifel Reiterates Buy Rating on Biogen (BIIB)

June 6, 2024 10:10 AM

Stifel analyst Paul Matteis reiterated a Buy rating and $275.00 price target on Biogen (NASDAQ: BIIB).

The analyst comments "Briefing documents released this morning ahead of donanemab's AdComm on Monday 6/10 are in-line with expectations. Without making any definitive conclusions, the documents outline the key topics of consideration for donanemab, which include (1) stratification by tau PET, (2) safety--in particular the elevated rates of ARIA vs. lecanemab--, and (3) the non-chronic dosing paradigm. On safety, the FDA broadly seems to think donanemab's profile is in-line with the Abeta class, and proposed post-marketing pharmacovigilance that is in-line with requirements for lecanemab. The most interesting wrinkle here will come with the label, and whether MRIs are recommended for longer with dona (as ARIA events are more spread out over time) which may somewhat negate donanemab's QM dosing advantage. Meanwhile on tau, the FDA conveys that the data appear to be generalizable across tau levels which is a win for LLY. Questions around non-chronic dosing are floated but again, with little hard-line."

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 $236.72 yesterday.


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