- 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 (NASDAQ: BIIB) from Equal-Weight to Overweight with a price target of $265.00.
Bansal noted that while the sentiment is at an all-time low, they looked at Biogen objectively to value their assets individually.
“This made us think that the company’s base-biz may be worth more than what Street thinks and we see value at $180-$200/share in SoTP scenario and $185/ sh on DCF w/o pipeline. This is because investors are not valuing royalty streams coming to BIIB properly, which makes for 15% of current revenues and 40% of the valuation, by our math,” wrote Bansal in a research note. “This makes us see very compelling risk/reward into BAN-2401 data in 2H’22. From where the stock is currently ($213/sh), we see $35/sh (~15%) downside risk but up to $135/sh (>60%) upside potential on the data.”
The $265 price target is assuming 50% probability into the data.
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