Biogen initiated with an Outperform at Scotiabank

Scotiabank analyst George Farmer initiated coverage of Biogen with an Outperform rating and $327 price target. Biogen’s legacy business of multiple sclerosis drugs has been “declining for several years,” but new product launches this year with Leqembi for Alzheimer’s disease and likely zuranolone for major depressive disorder, or MDD, have “captured investor attention” and the firm recommends adding to existing positions ahead of two major product launches.