Buy Rating on Biogen: Focused on Leqembi’s IV Dosing Amidst SQ Formulation Delay
Biogen (BIIB – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Terence Flynn from Morgan Stanley maintained a Buy rating on the stock and has a $346.00 price target.
Terence Flynn’s rating is based on the potential of Biogen’s Alzheimer’s disease treatment, Leqembi, particularly its intravenous (IV) maintenance dosing. Despite a delay in the Biologics License Application (BLA) for the subcutaneous (SQ) formulation of Leqembi, Flynn believes the focus will remain on the IV launch. The IV maintenance dosing regimen for Leqembi is expected to sustain effective drug concentration for the chronic treatment of patients who benefit from it, which is a key driver for the Buy rating. Flynn anticipates that this will continue to be the core aspect of Biogen’s value proposition in the near term.
Moreover, Flynn’s recommendation takes into account that, while the SQ formulation delay is seen as an incremental negative, it does not overshadow the ongoing anticipation for the IV launch’s impact. The potential market advantage of Leqembi’s IV dosing over competitors, such as Donanemab, is also considered significant. Flynn expects that these factors, combined with the strategic focus on the IV formulation, will maintain investor interest and support the stock’s performance, justifying a Buy rating for Biogen.
According to TipRanks, Flynn is a 5-star analyst with an average return of 11.4% and a 63.69% success rate. Flynn covers the Healthcare sector, focusing on stocks such as Eli Lilly & Co, Regeneron, and Biogen.
In another report released yesterday, Jefferies also assigned a Buy rating to the stock with a $285.00 price target.
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Biogen (BIIB) Company Description:
Incorporated in 1978, Massachusetts-based Biogen, Inc. is a biopharmaceutical company, which discovers, develops, and delivers therapies for the treatment of neurological and neurodegenerative diseases. It offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, VUMERITY, and FAMPYRA for the treatment of multiple sclerosis; SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of severe plaque psoriasis.
