Biogen, Inc. BIIB Shares rose sharply on Wednesday.
The stock responded to a positive late-stage evaluation for the company’s anti-amyloid antibody treatment candidate to slow the progression of Alzheimer’s disease. Lecanemab, the investigational treatment, met the primary endpoint and all key secondary endpoints with results that were highly statistically significant, the company said in a statement.
Biogen shares are up 38.3% to trade at $273.53 on Wednesday.
These analysts have made changes to their price targets for Biogen following the release of data.
- Mizuho raised the price target for Biogen from $207 to $270. Mizuho analyst Salim Syed has upgraded the stock to buy from neutral.
- BMO capital raised Biogen’s target price to $360 from $217. BMO Capital analyst Evan Seigerman upgraded the stock to Outperform from Market Perform.
- Baird raised Biogen’s target price to $340 from $224. Baird analyst Brian Skorney upgraded the stock to outperform from neutral.
- Piper Sandler raised the price target on the stock to $280 from $200. Piper Sandler’s analyst Christopher Raymond retained Biogen.
- RBC capital raised the price target on the stock to $321 from $251. RBC Capital analyst Brian Abrahams kept the stock at an outperform.
- Wells Fargo raised Biogen’s price target to $350 from $265. Wells Fargo analyst Mohit Bansal maintained an overweight stance on the stock.
