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Baird's Brian Skorney reiterated Biogen Inc (NASDAQ: BIIB)'s Neutral rating with a $268 price target. The reiteration came after Biogen's roadshow.
"We continue to see the firm facing headwinds towards the back half of the year as MS sales flatten and clinical data catalysts dry up," said the analyst.
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Additionally, Eisai Co., Ltd (ADR) (OTC: ESALY)'s BAN2401 drug "may offer up some details on BAN2401 next week [...] which could signal whether or not the trial will continue." Eisai, a competitor to Biogen, could provide an additional threat to the company's Alzheimer treatment performance if BAN2401 gets approved.
‘Ripe' For M&A
Finally, since the stock traded at lows it hasn't seen since six months post the Tecfidera launch in 2013, "it's starting to look like a reasonable acquisition target," said Skorney. Biogen purchasing another company was also a possibility, stated the analyst. "We wouldn't be surprised if the company picked up some high-risk gambles along the way," said Skorney.
At the time of writing Biogen was trading at $245.86, up 1.23 percent on Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.