Biogen price target lowered to $285 from $295 at BMO Capital

BMO Capital lowered the firm’s price target on Biogen to $285 from $295 after its Q4 earnings miss but keeps an Outperform rating on the shares. The company’s efforts to expand U.S. Leqembi field force by 30% highlight the challenges in developing commercial infrastructure for the launch, but issues are likely temporary and long-term potential remains intact, the analyst tells investors in a research note. The firm maintains a positive view on the potential of Leqembi as a treatment for early Alzheimer’s disease and believes that the data from CLARITY-AD will be sufficient for Medicare coverage and regulatory approval globally.