H.C. Wainwright: Biogen Is Now A Buy Worth $380/Share

In a report published Tuesday, HC Wainwright analyst Andrew S. Fein initiated coverage of Biogen Inc BIIB with a Buy rating and a price target of $380. Biogen's Alzheimer's disease product pipeline assets provided an opportunity for combination therapy, an approach that would be required "to maximally impact disease progression," analyst Andrew Fein wrote. The company's in-house combination therapy offered a significant growth opportunity over the long term, Fein said, while adding that Biogen had recently provided results from the Phase Ib PRIME study for aducanumab. The company's strong pipeline comprised of Abeta targeted approaches, including BAN2401 and E2609, and non-Abeta approaches, including tau immunotherapy. In the report HC Wainwrigt noted, "[A]lthough growth expectations for the company's commercial franchises (Multiple Sclerosis (MS) and hemophilia) have been tempered, we believe that the base business will continue to provide a viable value foundation for ongoing experimental endeavors and growth (such as AD and spinal muscular atrophy (SMA)), as well as for any accretive future business development."