Biogen price target lowered to $275 from $304 at Scotiabank

Scotiabank lowered the firm’s price target on Biogen to $275 from $304 and keeps an Outperform rating on the shares post the Q4 report. The company’s fiscal 2023 “ends with a thud and with Leqembi yet to gain commercial traction,” the analyst tells investors in a research note. However, the firm believes expectations for Biogen’s development pipeline are relatively low and that recent commercial underperformance “may have finally bottomed out.”