Biogen price target lowered to $320 from $324 at Stifel

Stifel analyst Paul Matteis lowered the firm’s price target on Biogen to $320 from $324 and keeps a Buy rating on the shares. The firm notes that Biogen’s earnings report was marked by substantial cost cuts and a detailed discussion of lecanemab positioning. Meanwhile, commentary was surprisingly limited on zuranolone, which some may read as cautious ahead of an upcoming regulatory decision. It’s hard to know what to make of this, if anything, Stifel says. The broader investor concern remains expectations for gradual lecanemab adoption, but the firm thinks the stock here undervalues the overall abeta-category and the growing likelihood Biogen may differentiate with a safer SQ-option.