BMO Capital analyst Evan Seigerman lowered the firm’s price target on Biogen to $336 from $347 but keeps an Outperform rating on the shares. The analyst states that following the FDA CRL on Zulresso in MDD, the firm has reduced its probability of success in the indication to 15% and adjusted its model. BMO adds however that while neuronal death in preclinical studies will be a concern for some patients and providers, given the lack of available alternative treatments, it continues to expect robust uptake in the most severe PPD patients.
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