Wall Street Analysts Just Trimmed Price Targets for These 5 Stocks

In this article, we discuss the 5 stocks receiving price-target cut from analysts. If you want to see more such stocks on the list, go directly to Wall Street Analysts Just Trimmed Price Targets for These 10 Stocks.

05. Biogen Inc. (NASDAQ:BIIB)

Price Reaction after the Price Target Cut: +0.98 (+0.38%)

Biogen Inc. (NASDAQ:BIIB) has recently come under scrutiny following a target price adjustment by Stifel Nicolaus on December 14. The financial analyst firm decided to revise Biogen Inc. (NASDAQ:BIIB) target price from $315.00 to $287.00 while upholding a “Buy” recommendation. Biogen Inc. (NASDAQ:BIIB), a major player in biotechnology, is recognized for its focus on developing therapies for neurological and neurodegenerative diseases. Stifel Nicolaus’s decision to lower the target price suggests a recalibration of expectations, possibly influenced by factors such as pipeline updates, regulatory developments, or broader industry trends. Despite the adjustment, the “Buy” recommendation signifies the firm’s continued belief in Biogen Inc. (NASDAQ:BIIB) growth potential. The pharmaceutical industry is known for its inherent volatility and susceptibility to external factors such as regulatory approvals and clinical trial outcomes. Stifel Nicolaus’s endorsement of a “Buy” stance amid the target adjustment suggests underlying confidence in Biogen Inc. (NASDAQ:BIIB) long-term prospects.

ClearBridge Investments made the following comment about Biogen Inc. (NASDAQ:BIIB) in its Q3 2022 investor letter:

“Biogen Inc. (NASDAQ:BIIB) was the leading contributor among several biopharma names, boosted by positive, pivotal clinical data for its next-generation Alzheimer’s treatment Lecanemab. In a pivotal trial, the drug proved safe and efficacious in slowing progression of Alzheimer’s disease.”