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.”
04. Pfizer Inc. (NYSE:PFE)
Price Reaction after the Price Target Cut: -0.53 (-1.99%)
On December 14, UBS Group analyst Trung Huynh maintained a “Neutral” opinion on Pfizer Inc. (NYSE:PFE) and concurrently lowered the target price from $34.00 to $27.00. The decision to maintain a “Neutral” rating suggests a stance of neither strong optimism nor pessimism regarding the stock. Following this adjustment in the target price, the market responded with a decrease in Pfizer Inc. (NYSE:PFE) stock price, reflecting a change of -0.53 (-1.99%). This negative movement may be indicative of the market’s reaction to the revised target and the associated assessment of Pfizer Inc. (NYSE:PFE) future prospects as evaluated by UBS Group.
Diamond Hill Large Cap Strategy made the following comment about Pfizer Inc. (NYSE:PFE) in its Q2 2023 investor letter:
“Our bottom contributors in Q2 included health insurance company Humana, biopharmaceutical company Pfizer Inc. (NYSE:PFE) and global entertainment company Disney. Pharmaceutical giant Pfizer has been dealing with a decline in sales due to lower COVID vaccination levels. Additionally, in 2023, management is increasing spend as the company invests in new product launches. That said, we remain positive about the long-term company fundamentals.”
03. Incyte Corporation (NASDAQ:INCY)
Price Reaction after the Price Target Cut: -0.35 (-0.55%)
On December 14, Mizuho adjusted its target price for Incyte Corporation (NASDAQ:INCY). The revised target is lowered from $82.00 to $77.00, with Mizuho maintaining a “Neutral” rating on the stock. This adjustment suggests Mizuho’s assessment of Incyte’s potential performance in the market. A “Neutral” rating typically indicates a balanced perspective, implying neither particularly bullish nor bearish sentiment toward the stock.
02. Apellis Pharmaceuticals, Inc. (NASDAQ:APLS)
Price Reaction after the Price Target Cut: -10.70 (-17.02%)
Needham & Company LLC, on December 14, adjusted its target price for Apellis Pharmaceuticals, Inc. (NASDAQ:APLS), a company operating in the pharmaceutical industry. The revised target has been lowered from $63.00 to $56.00, with Needham & Company LLC maintaining a “Buy” recommendation. Following this adjustment, the market responded with a significant decrease in Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) stock price, resulting in a price reduction of -10.70 (-17.02%).
01. NextCure, Inc. (NASDAQ:NXTC)
Price Reaction after the Price Target Cut: -0.2800 (-19.3103%)
On December 14, Needham & Company LLC revised its target price for NextCure, Inc. (NASDAQ:NXTC), maintaining a “Buy” recommendation while lowering the target from $6.00 to $4.00. The market response to this target adjustment was notable, with NextCure, Inc. (NASDAQ:NXTC) stock price decreasing by -0.2800 (-19.3103%).
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