Biogen price target raised to $320 from $315 at Argus

Argus raised the firm’s price target on Biogen to $320 from $315 and keeps a Buy rating on the shares. The company’s MS drug Tecfidera has seen weaker results in recent quarters due to competition from new generic drugs and challenges in other parts of its portfolio, but one of its other potential Alzheimer’s treatments, lecanemab, has proven more successful in clinical trials and is now being evaluated for potential approval in multiple markets, the analyst tells investors in a research note. The firm is cutting its 2023 EPS view on Biogen to $15.60 from $16.40, reflecting the management’s guidance and the decline in revenue from multiple sclerosis drugs, but it also expects growth to resume in 2024 as the company launches new products.