Wolfe Research analyst Alexandria Hammond initiated coverage of Biogen (BIIB) with a Peer Perform rating. With a legacy portfolio that continues to decline and a lack of meaningful top-line growth drivers to fill the near-term revenue hole, it’s not surprising that Biogen shares have been pressured year-to-date, the analyst tells investors in a research note. Still, the firm would argue that, at current levels, there’s limited downside risk for shares, with the risk/reward instead skewed to the upside.
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