Biogen Downgraded To Hold From Buy At Stifel

Image result for Biogen

Stifel analyst Paul Matteis downgraded Biogen (BIIB) to Hold from Buy and lowered his price target for the shares to $346 from $397. The stock in premarket trading is down $2.66 to $332.50.

The stock has been "remarkably resilient" in the wake of two recent events - Roche's (RHHBY) crenezumab futility and Tecfidera's inter partes review institution, Matteis tells investors in a research note. However, both these events "imply elevated risk to the long-term bull case," says the analyst.

He believes that with decreased confidence in Alzheimer's, a looming Tecfidera legal saga, and "well documented" competitive threats to Spinraza, Biogen "has become a harder story" to have conviction in. As such, Matteis recommends investors move to equal-weight rating on the stock. 

 

Disclaimer: TheFly's news is intended for informational purposes only and does not claim to be actionable for investment decisions. Read more at  more

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.