Biogen Price Target Lowered by Piper Sandler
Analyst Adjusts Outlook
Target Price Reduced to $313
In a recent research note, Piper Sandler analyst Christopher Raymond lowered the firm's price target on Biogen (BIIB) from $335 to $313. The analyst cited concerns about the company's pipeline and competitive landscape as reasons for the downgrade.
Piper Sandler's price target adjustment comes as Biogen faces challenges in its core Alzheimer's disease franchise. The company's drug Aduhelm has failed to gain widespread adoption due to its high cost and uncertain clinical benefits.
Despite the downgrade, Biogen's stock has performed well in recent months, rising over 20% since the beginning of the year. The company's shares are currently trading around $320, well above Piper Sandler's new price target.
Analysts are mixed on Biogen's prospects. The company has an average rating of "outperform" and price targets ranging from $245 to $400, according to Bloomberg data.
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