Biogen downgraded to Neutral from Outperform at Baird. Baird analyst Brian Skorney downgraded Biogen to Neutral and told investors in a research note that following a quick ~35% move since his April upgrade, he is taking his gains off the table on the back of the BAN2401 results. Skorney says he does not believe such a “seismic” move is justified on the back of “pretty ambiguous” Alzheimer’s data. The analyst says he is stepping to the sidelines, but keeping his $323 price target.
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