William Blair analyst Myles Minter has reiterated their bullish stance on BIIB stock, giving a Buy rating on September 12.
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Myles Minter’s rating is based on the recent developments surrounding Biogen’s supplemental new drug application for the high-dose regimen of Spinraza. Despite the issuance of a complete response letter (CRL) by the FDA, which requested an update to the technical information in the Chemistry Manufacturing and Controls module, there were no deficiencies cited in the clinical data or efficacy package. This suggests that the issues are technical rather than clinical, which is a positive sign for the company’s prospects.
Furthermore, Biogen plans to promptly resubmit the application using information it already possesses, indicating a clear path to resolution. The fact that the CRL is related only to CMC deficiencies and not to the clinical efficacy of the drug suggests that the impact on the stock will be minimal. Minter sees this as a manageable hurdle, reinforcing confidence in the high-dose regimen’s potential success and justifying the Buy rating.
Minter covers the Healthcare sector, focusing on stocks such as Dianthus Therapeutics, Argenx Se, and Ionis Pharmaceuticals. According to TipRanks, Minter has an average return of 22.4% and a 57.54% success rate on recommended stocks.
In another report released on September 12, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $170.00 price target.