Biogen price target lowered to $290 from $360 at Oppenheimer

Oppenheimer analyst Jay Olson lowered the firm’s price target on Biogen to $290 from $360 and keeps an Outperform rating on the shares. The firm notes that the major depression disorder CRL for zuranolone deals Biogen a major blow but not a knockout. Oppenheimer expected Biogen to bolster topline growth relatively near-term with MDD revenues and leverage its commercial infrastructure to improve the financial profile now that neuropsychiatry synergy seems lost in the firm’s view. Oppenheimer is uncertain about the appetite for Biogen to invest in future studies for zuranolone and sees little to no synergy between the existing neurology franchise and postpartum depression. The firm remains encouraged by Leqembi’s potential opportunity in Alzheimer’s.