William Blair analyst Myles Minter has reiterated their bullish stance on BIIB stock, giving a Buy rating on October 17.
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Myles Minter has given his Buy rating due to a combination of factors including Biogen’s strategic acquisition of Vanqua Bio’s preclinical oral C5aR1 antagonist. This asset has shown promise in preclinical studies for its potential to address a wide range of inflammatory disorders by inhibiting complement activation of pathogenic immune cells, which could significantly enhance Biogen’s immunology portfolio.
Additionally, the financial terms of the deal, which include a $70 million upfront payment and potential milestone payments up to $990 million, reflect a strong commitment to the development and commercialization of this asset. The agreement grants Biogen exclusive worldwide rights, positioning the company to lead future development efforts. This strategic move is seen as a positive step towards expanding Biogen’s capabilities in the immunology space, justifying the Buy rating.
According to TipRanks, Minter is a 5-star analyst with an average return of 30.1% and a 61.69% success rate. Minter covers the Healthcare sector, focusing on stocks such as Ionis Pharmaceuticals, Biogen, and Argenx Se.
In another report released on October 17, Oppenheimer also maintained a Buy rating on the stock with a $205.00 price target.