Biogen price target lowered to $350 from $380 at Piper Sandler

Piper Sandler lowered the firm’s price target on Biogen to $350 from $380 and keeps an Overweight rating on the shares. The analyst reduced Zurzuvae estimates to reflect Friday’s approval for just the postpartum depression indication and not the “much larger” major depressive disorder indication. With little to go on in terms of FDA’s specific issues with Zurzuvae’s major depressive disorder data package, the language around new trials necessitates zeroing out this opportunity in the numbers, the analyst tells investors in a research note.