Biogen price target lowered to $325 from $350 at Piper Sandler

Piper Sandler lowered the firm’s price target on Biogen to $325 from $350 and keeps an Overweight rating on the shares despite a meaningful Q4 top- and bottom-line miss. While 2024 guidance was fine, there was little to like about the quarter as revenue missed meaningfully, EPS missed meaningfully and important growth/focus products all missed, the firm says. Piper, however, continues to believe this name will trade primarily on Leqembi’s prospects and is heartened that Biogen is now increasingly putting its shoulder into the drug’s promotional efforts – addressing a key unmet need that our Spherix surveys have been calling out.