Hmm... We're Just Not Seeing It; Thoughts on BIIB080/Tau In AD

Research evidence excerpt

Hmm... We're Just Not Seeing It; Thoughts on BIIB080/Tau In AD

Valuation

Our BIIB target derives from 12X our 2027E EPS estimate, discounted back by 15%/year.

Company Description

Biogen is a Boston-headquartered, commercial-stage biopharma focused on developing novel treatments for neurological and

neurodegenerative disorders.

Wedbush Best Ideas List

The Wedbush Equity Research Department is focused on delivering alpha within the Life Sciences and TMT verticals. The Best Ideas

List comprises our highest rated equities, chosen by our analysts, and vetted by our Investment Committee. To manage risk and avoid

thesis creep, we employ an automatic sale rule should a stock move -25% on a relative basis (versus the average move of the S&P 500

and the Russell 2000).

Past performance is not an indicator of future results. Actual performance may differ from the performance information contained

herein. The prices and performance information are based on data from statistical services, reports, or other sources which WS believes

are reliable, but its accuracy cannot be guaranteed. Results presented in this report neither reflect inclusion of dividends nor deductions

for commissions, costs, fees, or expenses. Such commissions, costs, fees, or expenses will reduce the actual returns. The volatility of the

S&P 500 and/or any other benchmark index presented is materially different from that of the model portfolio and is used to illustrate

the general market condition on the results portrayed. Benchmark Indices are unmanaged and cannot be invested in directly.

Risks to the Attainment of Our Price Target and Rating:

● Clinical. Data emerging from clinical studies can significantly impact shares in either a positive or negative direction.

● Regulatory.