Biogen downgraded to Hold from Buy at Stifel

Stifel analyst Paul Matteis downgraded Biogen (BIIB) to Hold from Buy and lowered his price target for the shares to $346 from $397. The stock in premarket trading is down $2.66 to $332.50. The stock has been “remarkably resilient” in the wake of two recent events – Roche’s (RHHBY) crenezumab futility and Tecfidera’s inter partes review institution, Matteis tells investors in a research note. However, both these events “imply elevated risk to the long-term bull case,” says the analyst. He believes that with decreased confidence in Alzheimer’s, a looming Tecfidera legal saga, and “well documented” competitive threats to Spinraza, Biogen “has become a harder story” to have conviction in. As such, Matteis recommends investors move to equal-weight rating on the stock.

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