Biogen price target lowered to $333 from $359 at RBC Capital

RBC Capital analyst Brian Abrahams lowered the firm’s price target on Biogen to $333 from $359 but keeps an Outperform rating on the shares. The company’s Q4 results reflected known MS headwinds and improving Spinraza stabilization, while the strategic initiatives of its new CEO and the Leqembi/zuranolone outlook took center stage, the analyst tells investors in a research note. The firm notes that margin optimization and growth visibility may be gradual given the launch investments, but also believes that there should still be opportunities for additional rightsizing over time as Biogen is taking the right approach in keeping initial launch expectations low.