Wedbush analyst Laura Chico lowered the firm’s price target on Biogen (BIIB) to $269 from $276 and keeps a Neutral rating on the shares. The firm notes that the simultaneous Zurzuvae approval in postpartum depression and rejection in major depressive disorder in major depressive disorder represents an unanticipated outcome. The key unanswered questions at this point are what will Zurzuvae pricing look like, and will the Biogen/Sage (SAGE) collaboration persist? From Wedbush’s view, it’s difficult to envision Biogen investing in additional clinical trials as its turnaround efforts unfold. Further clarity from the agency will likely be needed to make a call, the firm adds.
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