Biogen Price Targets Lowered Across the Board

© Reuters.

By Sam Boughedda — Several analysts cut their price targets on Biogen Inc’s (NASDAQ:) shares after concerns about Aduhelm sales following the company’s third quarter earnings report.

The biotechnology firm posted a revenue and EPS beat on Wednesday morning. Revenue came in at $2.78 billion, above the consensus of $2.67 billion, while its EPS was reported at $4.77, above the expected $4.11. 

However, it sold just $300,000 worth of its controversial Alzheimer’s drug Aduhelm, falling way short of analyst predictions. 

Oppenheimer analyst Jay Olson reduced the firm’s price target on Biogen to $390 from $450 but kept an outperform rating on the shares. Likewise, Cowen’s Phil Nadeau dropped his firm’s price target on Biogen to $375 from $450 with an outperform rating, as did RBC Capital analyst Brian Abrahams, who lowered the price target on Biogen to $295 from $325, and Piper Sandler analyst Christopher Raymond lowered Biogen’s price target to $390 from $460, keeping an overweight rating.

All four analysts cited the sales of Aduhelm as the reason for the price target decrease, with Piper Sandler’s Raymond stating that the Aduhelm launch was “even worse than feared.”

However, despite the downgrades, Biogen’s share price has remained resilient, up over 1.2% on Thursday, following Wednesday’s 0.58% decline. 

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