Biogen shares ‘an under-owned turnaround story,’ Jefferies analysts say

Shares of Biogen Inc.
BIIB,
+2.49%,
which last week received a milestone U.S. Food and Drug Administration approval for Alzheimer’s treatment Leqembi, “remain an under-owned turnaround story,” and the stock should benefit as sales gradually ramp up, Jefferies analysts wrote in a research note Sunday. The approval failed to give Biogen stock an immediate boost, as some analysts predicted a slow rollout for Leqembi and bottlenecks at infusion-therapy centers. But infusion center capacity is “not overly concerning,” the Jefferies analysts wrote, and doctors are receptive to getting patients on Leqembi. The analysts rate Biogen shares a buy, with a $350 price target. Biogen stock is up 0.5% premarket on Monday.