Biogen stock heads for biggest weekly rally in more than 2 decades, UBS analyst targets more gains
Shares of Biogen Inc. (BIIB) dropped 4.1% in afternoon trading Friday, to pull back from a six-year high, but UBS analyst Colin Bristow seems room for further gains to a record close. Even with the pullback, the stock has rocketed 39.0% this week, which would be the biggest weekly gain since it ran up 56.3% during the week ending Dec. 23, 1999, after the Food and Drug Administration approved the biotechnology company's Alzheimer's drug (http://www.marketwatch.com/story/biogen-stock-rockets-to-6-year-high-after-alzheimers-drug-gets-fda-ok-11623096809), Aduhelm. Bristow upgraded Biogen to buy from neutral, saying "like it or not, Aduhelm is going to get used." He raised his stock price target to $463, which is 5.6% above the March 20, 2015 record close of $438.43, from $311. "We acknowledge there has and will continue to be physician/payor pushback but our doc checks indicate patient-led demand is already extremely high, with even bearish clinicians acknowledging there will be significant use (even if not under their own care)," Bristow wrote in a note to clients. The stock has run up 62.4% year to date, while the S&P 500 has gained 12.9%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 11, 2021 14:27 ET (18:27 GMT)
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