Skip to main content

Market Overview

Is Biogen Becoming A Reasonable Target For Acquisition? Baird Says So

Share:
Is Biogen Becoming A Reasonable Target For Acquisition? Baird Says So

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.

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.

Related Link: Biogen And Gilead Sciences Buck Biotech Interest Trend

‘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.

Latest Ratings for BIIB

DateFirmActionFromTo
Apr 2021Morgan StanleyMaintainsOverweight
Apr 2021WedbushMaintainsNeutral
Feb 2021Cantor FitzgeraldMaintainsNeutral

View More Analyst Ratings for BIIB
View the Latest Analyst Ratings

 

Related Articles (BIIB + ESALY)

View Comments and Join the Discussion!

Posted-In: Analyst Color Biotech Long Ideas Health Care Price Target Reiteration Analyst Ratings Trading Ideas

Latest Ratings

StockFirmActionPT
TDUPTelsey Advisory GroupInitiates Coverage On20.0
GOOGLMizuhoMaintains2,600.0
VZIOWells FargoInitiates Coverage On31.0
TWTROppenheimerMaintains85.0
SBUXOppenheimerMaintains135.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com