Biogen’s Leqembi set-up and others ‘too good to ignore’
Biogen’s (NASDAQ:BIIB) rating was lifted to Overweight from Neutral, with its price target raised to $346 from $280 by Piper Sandler analysts on Monday.
The analysts told investors in a note that the Leqembi set-up and other drivers are “too good to ignore.”
Raising Leqembi estimates and our price target and rating on BIIB shares, now buyers to the mid $340s based on what we see as a confluence of positive catalysts over the next several quarters,” the analysts wrote. “Foremost among them is Leqembi.”
They explained that while the firm “don’t anticipate the launch lighting the world on fire in the near term,” new survey data indicates a robust uptake after full approval and subsequent CMS reimbursement.
“Coupling that with meaningful expense leverage and a fresh management approach, we like the intermediate- to longer-term set-up on this name,” the analysts said.
Biogen shares are up more than 1% premarket.