RBC Capital lowered the firm’s price target on Biogen (BIIB) to $231 from $260 and keeps an Outperform rating on the shares as part of a broader research note previewing Q4 and 2025 earnings in the Biotech sector. Q4 should should come in generally solid across the firm’s large and mid-cap commercial stage companies, helped by seasonal tailwinds, though 2025 expectations may be seeing more optimism than necessarily warranted with a number of launches already baked into numbers and durability of certain core franchises that could challenge certain setups, the analyst tells investors in a research note. For Biogen, RBC notes that FY25 Leqembi estimates have come down substantially in recent months – which should help reduce an overhang even if numbers “still look slightly optimistic”.
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