Wall Street Loves This 1 Strong Buy Stock Right Now

Biogen Inc. (BIIB) has been popular amongst investors lately. The stock has gained 20.5% in price year-to-date and 23.2% over the past year to close the last trading session at $289.10. Wall Street analysts expect…

the stock to hit $313.87 in the near term, indicating a potential upside of 8.6%.

BIIB surpassed the EPS and revenue estimates in the last reported quarter. Its EPS beat the consensus estimate by 15.5%, and its revenue came 1.7% higher than analyst estimates.

On November 29, 2022, BIIB announced the phase 3 trial results of lecanemab, which it has developed with Japanese drugmaker Eisai. Results from the clinical trial showed that lecanemab removed clumps of a protein called beta-amyloid from the brains of people with Alzheimer’s. The trials were well received as they demonstrated that the drug could slow cognitive decline in Alzheimer’s patients.

The post-results excitement was palpable among optimists as the trial showed that the drug reduces the levels of amyloid beta and could also slow the progression of Alzheimer’s. In addition, the trials also suggest lecanemab may also lower tau levels.

Many are optimistic about lecanemab’s success, especially after Aduhelm’s failure. This could be a game changer for BIIB, resulting in billions of dollars of additional revenue. However, lecanemab is yet to receive FDA approval. Moreover, the drug shows promise only for early-stage Alzheimer’s disease.

Here’s what could influence BIIB’s performance in the upcoming months:

Robust Financials

BIIB’s net income attributable to BIIB 244.7% year-over-year to $1.13 billion for the third quarter ended September 30, 2022. The company’s EPS came in at $7.84, representing an increase of 253.2% year-over-year. Its total current assets increased 24.3% to $9.76 billion, compared to…

Continue reading at STOCKNEWS.com

 

You May Also Like

About the Author: admin