Biogen price target lowered to $230 from $260 at BMO Capital

BMO Capital analyst Evan Seigerman lowered the firm’s price target on Biogen to $230 from $260 and keeps an Outperform rating on the shares as part of a broader research note previewing Q3 results in BioPharma. Following a CHMP negative opinion, approval in Britain, and no NHS coverage for Leqembi, the opportunity for Biogen’s flagship growth product has become more uncertain, and in the long term, the management needs to address what has been a more difficult launch, the analyst tells investors in a research note.