Biogen price target lowered to $310 from $320 at BofA

BofA lowered the firm’s price target on Biogen to $310 from $320 and keeps a Neutral rating on the shares. Pressure on the shares despite a “solid” Q2 and unchanged 2023 guidance was due to the lack of clarity on the path to a return to top-line growth given muted Alzheimer’s, zuranolone, and business development commentary, the analyst tells investors. In addition, the potential entry of a Tysabri biosimilar in the U.S. and EU in later this year is not yet fully reflected by the Street, adds the firm, which points to the Tysabri biosimilar impact for its lower target.