Barclays lowered the firm’s price target on Biogen (BIIB) to $294 from $311 and keeps an Equal Weight rating on the shares after the company’s announcement late on Friday that the FDA approved zuranolone in PPD while issuing a CRL for MDD. After holding talks with the company’s zuranolone partner Sage Therapeutics (SAGE), the firm has “serious questions” on Biogen’s long-term involvement in this program and wouldn’t be surprised if the company didn’t revisit this between now and year-end, particularly given the renewed focus on cost-cutting, the analyst tells investors in a research note.
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