UBS analyst Colin Bristow downgraded Biogen to Neutral from Buy with a price target of $276, down from $311. The firm is moving to the sidelines as the Leqembi ramp is progressing slower than expected, and is not expecting a major sales inflection in 2024 based on a review of the latest IQVIA/Symphony data and management commentary, the analyst tells investors in a research note. UBS likes new CEO Viehbacher’s strategy and execution but does not expect the fruits of this labor to be realized in the stock in 2024.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on BIIB:
