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MarketWatch MarketPulseJun 11, 2021
Biogen stock heads for biggest weekly rally in more than 2 decades, UBS analyst targets more gains
Shares of Biogen Inc. dropped 4.1% in afternoon trading Friday, to pull back from a six-year high, but UBS analyst Colin Bristow seems room for further gains to a record close. Even with the pullback, the stock has rocketed 39.0% this week, which would be the biggest weekly gain since it ran up 56.3% during the week ending Dec. 23, 1999, after the Food and Drug Administration approved the biotechnology company's Alzheimer's drug, Aduhelm. Bristow upgraded Biogen to buy from neutral, saying "like it or not, Aduhelm is going to get used." He raised his stock price target to $463, which is 5.6% above the March 20, 2015 record close of $438.43, from $311. "We acknowledge there has and will continue to be physician/payor pushback but our doc checks indicate patient-led demand is already extremely high, with even bearish clinicians acknowledging there will be significant use (even if not under their own care)," Bristow wrote in a note to clients. The stock has run up 62.4% year to date, while the S&P 500 has gained 12.9%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseJun 11, 2021
Philip Morris sets new $7 billion stock repurchase program, with plans to start buying after Q2 results
Shares of Philip Morris International Inc. rose 0.6% in premarket trading Friday, after cigarette and tobacco company announced a new $7 billion stock repurchase program. The company said it targets spending $5 billion to $7 billion over the next three years as part of the program, and expects to start buying back start after the second-quarter earnings report, current projected for the second-half of July. Based on Thursday's stock closing price of $97.55, the new buyback program could represent about 4.6% of the shares outstanding. The company also declared a regular quarterly dividend of $1.20 a share, payable July 12 to shareholders of record on Jun 25. At Thursday's stock closing price, the dividend yield was 4.92%, compared with the implied yield for the S&P 500 of 1.39%, according to FactSet. "Our announcements today are further testament to our steadfast commitment to generously reward our shareholders as we transform into a smoke-free company," said Chief Executive Jacek Olczak. The stock has rallied 36.9% over the past 12 months, while the S&P 500 has advanced 41.2%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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