Biogen price target lowered to $295 from $314 at BMO Capital

BMO Capital lowered the firm’s price target on Biogen (BIIB) to $295 from $314 but keeps an Outperform rating on the shares after its Q3 results. The company and Eisai (ESAIY) continue to make progress in commercializing Leqembi and building the infrastructure needed to support the asset, but the near-term launch dynamics are expected to be slow, the analyst tells investors in a research note. BMO adds however that it remains confident in the long-term potential of Leqembi and also believes that Skyclaris approval in the E.U. could be an additional tailwind to shares.