Truist analyst Robyn Karnauskas lowered the firm’s price target on Biogen to $340 from $350 but keeps a Buy rating on the shares after the FDA CRL on Zulresso in MDD. The analyst notes that investors are already discounting the MDD opportunity, which was reflected in the stock price decline after the company’s earnings call. Truist remains positive on the stock longer-term as its Alzheimer’s program poses a “multi-billion dollar market opportunity” and given the execution of transactions that contribute to topline growth.
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