Citi analyst Geoff Meacham initiated coverage of Biogen (BIIB) with a Neutral rating and $190 price target The company’s strategy to offset core franchise erosion has been to develop assets with significant unmet need in very difficult indications, the analyst tells investors in a research note. The firm says Biogen’s pipeline still looks to have higher clinical risk overall versus the company’s big biotech peers, “but this also conveys significant option value.”
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