#4 - Biogen (NASDAQ:BIIB)
Biogen Inc. (NASDAQ: BIIB) is another heavily downgraded stock that could be worth your consideration. The news surrounding Biogen is complicated yet simple. The biotechnology company received FDA approval in the United States for Legembi, a potentially blockbuster Alzheimer’s drug, in July 2023.
But getting approval and getting revenue are two different things. Hospitals have to meet specific requirements for drug reimbursement. And they have to have procedures in place due to the fact that Legembi requires bi-weekly infusions.
However, Biogen did see a jump in patients in its first quarter of 2024. And, as you know, the addressable market for Legembi will likely mean billions in revenue for the company by 2030. That means the bottom could be in for BIIB stock, which was trading at five-year lows as recently as April 15, 2024. Analysts are projecting 12.25% earnings growth that will add to the confidence in a higher share price.
About Biogen
Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer's disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.
Read More - Current Price
- $188.38
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 16 Buy Ratings, 9 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $273.78 (45.3% Upside)
