Biogen price target lowered to $205 from $210 at Wedbush

Wedbush analyst Laura Chico lowered the firm’s price target on Biogen to $205 from $210 and keeps a Neutral rating on the shares. The firm’s latest physician survey examined prescribing dynamics in the Friedreich’s ataxia space to better understand use patterns/growth trends for Biogen’s Skyclarys. Most responding physicians have prescribed Skyclarys with 18% estimated market share. Physicians project Skyclarys share will grow to 27% in the next six months. However, Wedbush detected no change in the estimated proportion of total Skyclarys candidates. Physicians estimated 48% of patients remain on drug after six months and while no single driver stood out, the firm does think this dynamic bears monitoring. Wedbush is trimming its U.S. Skyclarys revenue estimates.