William Blair analyst Myles Minter has reiterated their bullish stance on BIIB stock, giving a Buy rating on March 13.
Myles Minter has given his Buy rating due to a combination of factors that suggest a favorable outlook for Biogen. The recent negative opinion by the European Medicines Agency’s CHMP on Lilly’s Kisunla, a competing Alzheimer’s treatment, is seen as an incremental win for Biogen. This situation mirrors the earlier challenges faced by Biogen’s Leqembi, which initially received a negative opinion but later secured a positive recommendation after a reexamination process.
Biogen’s ability to navigate regulatory challenges successfully, as demonstrated by the reversal of the CHMP’s decision on Leqembi, underscores its potential to achieve similar outcomes in the future. Additionally, the safety concerns highlighted for Kisunla, particularly the higher incidence of amyloid-related imaging abnormalities and anti-drug neutralizing antibodies, contrast with the more favorable safety profile of Biogen’s treatment. These factors collectively contribute to a positive investment thesis for Biogen, justifying the Buy rating.
Minter covers the Healthcare sector, focusing on stocks such as Axsome Therapeutics, Verve Therapeutics, and Entrada Therapeutics Inc. According to TipRanks, Minter has an average return of 4.7% and a 43.56% success rate on recommended stocks.
In another report released on March 13, TD Cowen also maintained a Buy rating on the stock with a $200.00 price target.