Biogen downgraded to Hold from Buy at Jefferies

Jefferies downgraded Biogen (BIIB) to Hold from Buy with a price target of $180, down from $250. The firm sees a “tough setup” into 2025 for Biogen with modest Leqembi and Skyclarys US. It see a “real need” for more pipeline and “serious” business development to get investors re-engaged in the shares. Investors haven’t bought into Leqembi and Jefferies doubt 2025 convinces the Street, the analyst tells investors in a research note.