Shares in Biogen (BIIB) rose over 4% in early-market trading on Monday, after Morgan Stanley lifted the stock’s rating to buy from sell and ramped up the price target to $357 (31% upside potential) from $263.
Morgan Stanley’s Matthew Harrison is bullish on Biogen stock and believes that investors should start taking a long position. The analyst is optimistic about the company’s Alzheimer drug aducanumab, saying he expects “Biogen to price in 50% odds of success for aducanumab post-generic launches, driving the stock to the mid-$300s.”
On July 22, Biogen’s CEO, Michel Vounatsos said “we are pleased to have completed the Biologics License Application (BLA) submission for aducanumab and look forward to the prospect of launching the first therapy to reduce the clinical decline in Alzheimer’s disease.”
Currently, the rest of the Street has a cautiously optimistic outlook on BIIB. The Moderate Buy analyst consensus is based on 9 Buys, 16 Holds and 2 Sells. The average price target of $310.68 implies a potential upside of 14% over the coming year. (See BIIB stock analysis on TipRanks).
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