Shares of healthcare company Biogen (NASDAQ:BIIB) are on hold for trade today as an advisory committee of the U.S. Food and Drug Administration (FDA) is set to mull full approval for Lequembi.
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Lequembi is targeted for the treatment of Alzheimer’s disease and has previously been granted accelerated approval in April. Earlier this week, the regulatory body had issued briefing documents for the therapy with Canaccord Genuity’s Sumant Kulkarni noting that the briefing documents “bode well for a full approval.”
The analyst has reiterated a Buy rating on the stock alongside a $330 price target. Mizuho’s Salim Syed too noted that the documents read “super clean” and he doesn’t see any surprise there. Syed has assigned Biogen a Buy rating alongside a $340 price target.
Overall, the Street has a $337.50 consensus price target on Biogen alongside a Strong Buy consensus rating.
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