Longterm shareholders of Biogen (NASDAQ:BIIB) rejoice today after the company received accelerated approval from the FDA for their Alzheimer’s treatment ADUHELM™. The approval marks a historic day as ADUHELM becomes the first treatment to receive approval that addresses an underlying pathology of the disease. Looking ahead, Biogen will “conduct a controlled trial to verify the clinical benefit of ADUHELM in patients with Alzheimer’s disease”.
“This historic moment is the culmination of more than a decade of groundbreaking research in the complex field of Alzheimer’s disease. We believe this first-in-class medicine will transform the treatment of people living with Alzheimer’s disease and spark continuous innovation in the years to come,”said Michel Vounatsos, Chief Executive Officer at Biogen
What are analysts saying about Biogen’s FDA approval
Biogen stock reached a new 52 week high of $468.55 by midday today before falling back down to $400. Analysts at the Bank of America boosted Biogen’s 12 month price target from $235 to $400 a share according to MarketBeat data. Analysts have also noted that Biogen will generate some serious revenue as a result of the approval. According to the WSJ, Analysts polled by FactSet project sales of $62.7 million in 2021 and $603.2 million in 2022. By 2023, analysts expect revenue to explode to $1.6 Billion.
Whats next for Biogen (NASDAQ:BIIB)?
With approval now secured for Biogen, we will likely see analysts weigh in over the next few days. The updated targets will highlight Wallstreets view on the significance of this news and what this means for the companies future. However, it is worth noting the FDA can pull the drug from commercial use if the post-trials find the drug not to be working as intended. We will continue to update our viewers on any updates or analyst coverage is released on Biogen stock.
Written by Tyger Fitzpatrick
The information above is not financial advice. Youth Investment Group has no liability for personal financial interests or investment decisions. You should make your own investment decisions based upon your own research and what you believe is best for you.
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