Biogen Inc: Shares Rise as Unanimous Backing of Alzheimer’s Drug Eases Safety Concerns

biogen stock

Biogen Inc Stock Forecast:

According to 18 analysts, the average target price for Biogen Inc over the next 12 months is USD 331.28. The average analyst rating for the company is Strong Buy. Stock Target Advisor‘s analysis of Biogen Inc indicates a Slightly Bullish outlook based on 9 positive signals and 6 negative signals. As of the last closing, the stock price of Biogen Inc was USD 308.88. Over the past week, the stock price has increased by +2.89%, while over the past month, it has decreased by -0.54%. However, over the last year, the stock price has shown significant growth with a positive change of +56.39%.

Analysts Coverage Change:

  • Canaccord Genuity (RANK #20) maintains a “Buy” rating for Biogen Inc. and  increases the target price to $350 from $330.
  • Oppenheimer & Co. (RANK #26) maintains an “Outperform” rating for Biogen Inc. (BIIB:NSD) and  increases the target price to $360 from $350.

Biogen Inc. News:

Shares of biopharmaceutical company Biogen Inc soared in premarket trade following unanimous backing from the U.S. regulator’s advisers for its Alzheimer’s drug, Leqembi. This endorsement alleviates concerns that a traditional approval for the treatment would come with significant new safety warnings. The positive outcome of the advisory panel’s evaluation indicates that any potential side effects of Leqembi can be effectively managed and are outweighed by the drug’s benefits.

The U.S. Food and Drug Administration (FDA) sought the opinion of its panel of experts specifically regarding the side effects of Leqembi in certain patients, particularly those already taking medications that prevent blood clots. The FDA’s thorough assessment aimed to determine whether the drug could be safely administered to these patients without causing any undue harm.

The advisers, after careful consideration of all available evidence, concluded that the side effects observed in certain patient populations could indeed be managed and did not outweigh the overall therapeutic benefits provided by Leqembi. The drug, developed through a collaboration between Biogen and partner Eisai, has shown promise in addressing the debilitating effects of Alzheimer’s disease, a progressive neurodegenerative disorder that affects millions of individuals worldwide.

“We believe use will largely be left in the hands of physician-patient discussions,” commented Myles Minter, an analyst at William Blair. This statement reflects the advisers’ recommendation that the decision to prescribe Leqembi should be made on a case-by-case basis, taking into account individual patient needs and potential risks.

 

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