RBC Capital analyst Brian Abrahams raised the firm’s price target on Biogen to $379 from $341 and keeps an Outperform rating on the shares. The company’s Q2 results saw as a solid top and bottom line beat, substantially higher than expected planned expense cuts, and solid progress laying groundwork for Leqembi’s long-term success, the analyst tells investors in a research note. With potential for restored growth in the coming years from launches and restructuring, Biogen remains an underappreciated turnaround story with more positives on the horizon than many large-cap biotechs, the firm added.
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