Biogen and AbbVie Get Double Upgrades From Wolfe Research. Are They a Buy Now?
TLDR
- Wolfe Research upgraded both Biogen and AbbVie to Outperform, setting a $300 price target for each
- Biogen’s late-stage pipeline drugs litifilimab and felzartamab were flagged as key growth assets
- AbbVie’s patent on Rinvoq was pushed out to 2037, removing a major near-term patent cliff concern
- AbbVie posted Q2 revenue of $16.99 billion, up 10.2% year over year, beating analyst estimates
- Biogen beat Q2 earnings estimates with EPS of $3.60 versus the $2.94 consensus
Wolfe Research upgraded both Biogen and AbbVie to Outperform on Thursday, giving each company a $300 price target. The upgrades were based on pipeline strength, attractive valuations, and upcoming clinical data readouts.
Biogen Gets a Boost From Late-Stage Pipeline Drugs
Biogen has been trading at a discount to the broader market, something Wolfe Research says does not reflect the full value of its pipeline. The firm raised its rating from Peer Perform and set a $300 target.
Two drugs are central to Wolfe’s case for Biogen. Litifilimab could become the first biologic approved for cutaneous lupus erythematosus. Felzartamab may address antibody-mediated rejection in a larger commercial market than Wall Street currently estimates.
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