Biogen price target lowered to $225 from $231 at RBC Capital

RBC Capital lowered the firm’s price target on Biogen (BIIB) to $225 from $231 but keeps an Outperform rating on the shares after its Q4 results. The company has successfully reprioritized R&D and rightsized operating expenses – trends remaining apparent in Q4 numbers and FY5 guidance – resulting in a significantly improved core structure, the analyst tells investors in a research note. The stock continues to overly discount the fundamental worth of the Leqembi business however, and if Biogen can start to address this question, either with Leqembi subQ/EU progress, a pipeline win, and/or well-received deals, the narrative “could rejuvenate”, RBC adds.