Biogen price target lowered to $230 from $255 at Barclays

Barclays lowered the firm’s price target on Biogen to $230 from $255 and keeps an Equal Weight rating on the shares. Against relatively low expectations, Biogen put up a weak Q4 that raised new questions on its core portfolio, underwhelmed on Skyclarys, which was supposed to deliver a growth narrative before Leqembi inflected, and the earnings call did nothing to address 2025 estimates, which are still $2 too high, the analyst tells investors in a research note. The firm says new uncertainties coupled old uncertainties complicate Biogen’s 2024 setup with 2025 estimates still too high.