Biogen price target lowered to $220 from $302 at Truist

Truist analyst Srikripa Devarakonda lowered the firm’s price target on Biogen (BIIB) to $220 from $302 and keeps a Buy rating on the shares as part of a broader research note previewing FY25 for large-cap biopharma. The sector has underperformed the SP500, and with uncertainty around macro environment, investors have remained cautious, the analyst tells investors in a research note. Truist adds however that tailwinds for the sector could emerge from continued execution on launches, mid-stage growth, key catalysts, and an incoming administration potentially being more pro-pharma than expected. For the company, the firm warns that Biogen is in a challenging situation given its legacy portfolio continues to decline and investors are cautious that Biogen’s new launches can adequately fulfill the “fit for growth” aspirations given its largely early-stage pipeline.