- The shares of Biogen Inc (NASDAQ: BIIB) have received a $265 price target from Wells Fargo. These are the details.
The shares of Biogen Inc (NASDAQ: BIIB) have received a $265 price target from Wells Fargo. And Wells Fargo analyst Mohit Bansal upgraded Biogen to an “Overweight” rating from an “Equal-Weight” rating while increasing the price target from $235.
Bansal noted that the company’s base business could be worth more than what Street thinks and sees value at $180-$200/share in a sum-of-the-parts scenario and $185/share on DCF without the pipeline. And this is because investors are not valuing royalty streams coming to Biogen properly, which makes for 15% of current revenues and 40% of the valuation.
Plus this makes Bansal see a very compelling risk/reward in BAN-2401 data in the second half of 2022. And from where the stock is currently, Bansal sees a $35/share downside risk but up to $135/share upside potential on the data.
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