Biogen (BIIB) Stock: $290 Price Target From Needham

By Amit Chowdhry ● Feb 13, 2022
  • The shares of Biogen (NASDAQ: BIIB) have received a $290 price target from Needham & Company. These are the details.

The shares of Biogen (NASDAQ: BIIB) have received a $290 price target from Needham & Company. And Needham & Company analyst Ami Fadia reiterated a “Buy” rating on the shares.

Fadia adjusted the rating following the CMV memo.

“Biogen just published its memo to the CMS in response to the draft decision issued in January. It is a ~30-page memo which details Biogen’s commitment to generating additional evidence in support of Aduhelm,” wrote Fadia in a research note. “The memo also emphasizes why Biogen believes that the NCD decision is in contradiction with some of FDA’s views on the drug’s efficacy and safety data and that a CED will severely limit access to this class. We believe that Biogen makes some strong arguments in the document; however, given the deep-seeded controversy around this product, we believe that the final decision in April is hard to predict. We continue to assign a ~20% PoS in our model or ~$12/share in our PT and believe that the stock at current levels assumes little value for the asset.”

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