Biogen price target lowered by $28 at Stifel, here’s why

Stifel lowered the firm’s price target on Biogen to $287 from $315 and keeps a Buy rating on the shares based on a more conservative outlook for lecanemab. The early lecanemab launch has been “so slow” that the firm thinks “many investors have not only written down 2024, but also now majorly question peak sales potential,” the analyst tells investors. The firm was “struck” that among the seven physicians it just spoke with, “there simply isn’t the sense of urgency you’d expect for the first ‘disease modifying’ Alzheimer’s drug,” but on the other hand the analyst notes that “almost everyone we spoke with expects to ramp prescribing considerably in 2024.”