Morgan Stanley analyst Terence Flynn downgraded Biogen (BIIB) to Equal Weight from Overweight with a price target of $204, down from $285. The firm says the Leqembi launch has tracked below its expectations while it sees see “limited pipeline optionality” over the next 12 months. Morgan Stanley admits that it underestimated initial reimbursement and logistical headwinds for Leqembi. It sees a balanced risk/reward for Biogen and a more measured outlook for lecanemab.
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