June 28, 2019
Biogen Drops After Piper Jaffray Downgrade, Price Target Cut
By: Tony Owusu
Biogen shares were falling in trading Friday after analysts at Piper Jaffray downgraded the stock to neutral from overweight on concerns about competitive pressures for the suite of the company’s multiple sclerosis treatments.
The firm also lowered its price target to $250 from $280 per share. Shares fell in trading by 1.4% to $236.36.
Piper Jaffray analyst Christopher Raymond cited new neurologist survey data from Spherix Global Insights that “spells bad news for both Tecfidera and Tysabri in the near and long term.”
The company’s Tecfidera multiple sclerosis treatment’s market share is projected to contract over the next six months thanks to Novartis’ new treatment Mayzent, according to Raymond.
He also noted that while prior surveys suggest that the most recent indications are that Roche’s Ocrevus treatment is accelerating its market share, Biogen’s Tsabri…(read more).