BMO Capital Upgrades Biogen: Here's What You Need To Know

BMO Capital upgraded its rating of Biogen BIIB to Outperform with a price target of $360.00, changing its price target from $217.00 to $360.00.

Shares of Biogen are trading up 37.95% over the last 24 hours, at $272.86 per share.

A move to $360.00 would account for a 31.94% increase from the current share price.

About Biogen

Biogen and Idec merged in 2003, combining forces to market Biogen's multiple sclerosis drug Avonex and Idec's cancer drug Rituxan. Today, Rituxan and next-generation antibody Gazyva are marketed via a collaboration with Roche. Biogen also markets novel MS drugs Plegridy, Tysabri, Tecfidera, and Vumerity. In Japan, Biogen's MS portfolio is co-promoted by Eisai. Hemophilia therapies Eloctate and Alprolix (partnered with SOBI) were spun off as part of Bioverativ in 2017. Biogen has several drug candidates in phase 3 trials in neurology and neurodegenerative diseases and has launched Spinraza with partner Ionis. Aduhelm was approved as the firm's first Alzheimer's disease therapy in June 2021.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.