Piper Jaffray continues to recommend Biogen shares after Q4 results

Piper Jaffray analyst Christopher Raymond keeps an Overweight rating on Biogen with a $402 price target following the company’s sales and earnings beats in Q4. In regard to fiscal 2019 guidance, both revenue and non-GAAP earnings bracketed consensus but were above expectations at the midpoints, Raymond tells investors in a research note. The analyst continues to recommend the shares with “valuing creating updates quickly approaching.” Though pipeline progress will primarily focus on trial initiations over the next 12 months, BIIB098 Phase 3 head-to-head data versus Tecfidera in mid-2019 remains a key value creating catalyst for the stock, Raymond says. He sees a “de-risked” path to U.S. approval. Coupling this with highly anticipated aducanumab data, the stock has future upside, contends Raymond.

https://thefly.com/landingPageNews.php?id=2855345