Biogen: Jefferies confirms Buy rating on stock

(CercleFinance.com) - Jefferies confirms its Buy rating on Biogen shares, with an unchanged target price of $285.


The analyst reports that a meeting is scheduled today with the European Medicines Agency on Leqembi (a drug to treat Alzheimer's disease), and that a CHMP opinion could be published by the end of the week.

Jefferies estimates that consensus models predict an 80%-90% probability of approval in the EU.

Overall, the efficacy data from the Phase III study were strong, so we don't expect global approval to be a driver of questions, the broker notes.


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