Biogen downgraded to Market Perform from Outperform at BMO Capital

BMO Capital downgraded Biogen (BIIB) to Market Perform from Outperform with a price target of $164, down from $230. Work is underway at Biogen, but “efforts to change the course of the company will take time to materialize,” the analyst tells investors in a research note. The firm cites expectations of slower than expected Leqembi revenue growth, continued erosion of the multiple sclerosis business, lower than expected growth of the rare disease portfolio, and more limited opportunities for high-value catalysts near term for the downgrade.