Biogen price target raised to $357 from $354 at RBC Capital

RBC Capital raised the firm’s price target on Biogen to $357 from $354 on Leqembi model adjustments ex-U.S., while keeping an Outperform rating on the shares. The firm’s analysis of prescription trends – which it believes may reasonably reflect unit demand – suggests Leqembi’s growth trajectory is remaining steep including in July following full approval/broad CMS reimbursement. RBC caveats that is off of a low current base, and it is too early to see major separation vs. Aduhelm’s initial trajectory, but the firm expects Leqembi will inflect further in the coming months with increased efficiencies in screening, formularies, and monitoring, and contribute meaningfully to Biogen’s top line over time.