Biogen price target lowered to $255 from $294 at Barclays

Barclays analyst Carter Gould lowered the firm’s price target on Biogen (BIIB) to $255 from $294 and keeps an Equal Weight rating on the shares. The company’s Q3 results were “mixed”, though the stock also responded negatively to incremental Leqembi commercial metrics, which sets up for a challenging path to reach Eisai’s (ESAIY) 10K patient target by end of Q1, the analyst tells investors in a research note. The firm maintains its view that until Biogen/Eisai show a meaningful inflection in Leqembi adoption, Biogen shares will be “range-bound at best”.