Biogen initiated with a Neutral at Citi

Citi analyst Geoff Meacham initiated coverage of Biogen (BIIB) with a Neutral rating and $190 price target The company’s strategy to offset core franchise erosion has been to develop assets with significant unmet need in very difficult indications, the analyst tells investors in a research note. The firm says Biogen’s pipeline still looks to have higher clinical risk overall versus the company’s big biotech peers, “but this also conveys significant option value.”