RBC Capital analyst Brian Abrahams lowered the firm’s price target on Biogen to $354 from $374 and keeps an Outperform rating on the shares. The analyst cites the “negative optics” and the removal of an important near-term growth driver for the company after its announcement late on Friday that the FDA approved zuranolone in PPD while issuing a CRL for MDD. RBC is reducing its probability-adjusted peak zuranolone estimates substantially to $520M from $2.0B, the firm adds.
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