Biogen price target lowered to $255 from $270 at Oppenheimer

Oppenheimer lowered the firm’s price target on Biogen (BIIB) to $255 from $270 and keeps an Outperform rating on the shares. The firm notes Biogen reported solid Q3 financial results, with $2.47B total revenue beating its $2.38B and $2.43B consensus estimates and adjusted-EPS of $4.08 also above its $3.75 and $3.77 consensus estimates. Oppenheimer views Leqembi sales performance outpacing consensus as reflecting strong momentum on infrastructure build-out, and anticipate the IV maintenance and subQ forms to significantly improve uptake in 2025.