Biogen price target lowered to $313 from $335 at Piper Sandler

Piper Sandler analyst Christopher Raymond lowered the firm’s price target on Biogen to $313 from $335 and keeps an Overweight rating on the shares. Piper highlights new survey data that indicates Leqembi continues to face meaningful uptake barriers and docs indicate relatively tepid uptake dynamics. While access restrictions have eased, concerns around safety and an overall deteriorating perceived risk/benefit of the drug do not foreshadow a revenue inflection in the near-term, the analyst tells investors in a research note.