Biogen price target lowered to $277 from $355 at Mizuho

Mizuho lowered the firm’s price target on Biogen to $277 from $355 and keeps a Buy rating on the shares. The analyst says some patience may be required for this stock given the slow Leqembi launch. However, only $3B-$4B of end-user Leqembi sales is implied in the stock at these levels, and at some point, investors have to consider Biogen “entering value territory ahead of a growthier” 2025 thesis, the analyst tells investors in a research note.