Biogen price target lowered to $240 from $270 at JPMorgan

JPMorgan analyst Chris Schott lowered the firm’s price target on Biogen to $240 from $270 and keeps a Neutral rating on the shares ahead of the Q1 report on April 24. Leqembi remains the focus of the story and JPMorgan continues to expect a gradual launch for the product, the analyst tells investors in a research note. The firm says traction with the expanded sales force as well as commentary around the subQ induction filing represent key updates in the quarter. JPMorgan reduced Skyclarys forecasts but still sees the combination of product ramps and Biogen’s cost cutting program as offsetting erosion elsewhere in the portfolio.