Biogen price target lowered to $340 from $344 at RBC Capital

RBC Capital lowered the firm’s price target on Biogen to $340 from $344 but keeps an Outperform rating on the shares after its Q1 results. The company’s weakening core franchise business "lowers the floor", but there is a number of catalysts this year – Leqembi AdComm and approval decision, competitor donanemab data, CMS Alzheimer’s reimbursement update, and zuranolone PDUFA – that should remove lingering overhangs, the analyst tells investors in a research note. RBC adds that it "sees room" for additional appreciation heading into Biogen’s "next chapter".