Biogen’s Upcoming Drug Announcements and Zynga Increased Price Target
Biogen is a biotechnology company that discovers and manufactures therapies for treating neurological and neurodegenerative diseases. With a market cap of $40.986 billion, they are one of the largest drug manufacturers in the world. Unlike most drug companies, Biogen has been quite flat in the last month, falling 1.21%.
In less than 2 months, the Food and Drug Administration will make a decision about Biogen’s drug “aducanumab”, an Alzheimer therapy. Along with that, new data is likely to arrive on Biogen’s “Zuranolone”, a depression drug that they are developing with Sage Therapeutics. Many are bullish, with analyst Michael Yee writing that if the aducanumab and Zuranolone news are positive, Biogen could possibly rise to $500 per share, and if the opposite takes place, a decrease to around $175 is likely.
Biogen closed at $269.05 on Monday, down 0.47% on the day.
Zynga is a mobile game developing company based in San Francisco, California. Known specifically for their game “Farmville”, they received heavy traffic during the COVID-19 pandemic as many went to mobile games to pass time.
On Tuesday, BMO analyst Gerrick Johnson raised Zynga to an ‘Outperform”, with a Wall-Street high $15 price target. The reasoning was quite simple, with Zynga holding competitive advantages over its competitors along with its superior data analytics. Even as technology is slowing down with the increasing number of vaccinations, many are bullish on Zynga with hopes that the company will continue to flourish post-pandemic.
Zynga closed at $10.59 on Monday, up 0.28% on the day.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.