Biogen Inc. (NASDAQ:BIIB) reported results for its first quarter.
Biogen reported first-quarter revenue of $2.46 billion, which beat average estimates of $2.34 billion. The company reported adjusted earnings of $3.40 per share, which beat estimates of $3.28 per share.
The FDA approved Biogen and Ionis Pharmaceuticals’ tofersen, which will be sold under the brand name Qalsody.
Biogen shares fell 3.6% to close at $282.41 on Tuesday and added 0.3% in today’s pre-market trading session.
These analysts made changes to their price targets on Biogen following earnings announcement.
- Atlantic Equities cut the price target on Biogen from $295 to $282. Atlantic Equities analyst Steve Chesney maintained a Neutral rating.
- Needham slashed the price target on Biogen from $325 to $321. Needham analyst Ami Fadia maintained a Buy rating
- Morgan Stanley increased the Biogen price target from $349 to $371. Morgan Stanley analyst Matthew Harrison maintained an Overweight rating on the stock.
- Barclays lowered the price target from $307 to $302. Barclays analyst Carter Gould maintained Biogen with an Equal-Weight.
- Oppenheimer raised the price target from $310 to $325. Oppenheimer analyst Jay Olson maintained Biogen with an Outperform.
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