BUZZ-Citi, Truist trim PT on Biogen ahead of Q1 earnings

Reuters04-13 22:36
BUZZ-Citi, Truist trim PT on Biogen ahead of Q1 earnings

** Citi maintains a "neutral" rating on Biogen BIIB.O shares and cuts price target to $190 from $215

** Truist Securities maintains "hold" rating on the stock and cuts PT to $189 from $193

** Truist says its lower target mainly reflects the expected financial impact of BIIB's $5.6 billion Apellis APLS.O deal, including forecasts for APLS' approved drugs Syfovre and Empaveli

** "Turnaround still in motion, but execution remains the proof point" - Citi

** Says BIIB's Alzheimer's drug Leqembi remains the main growth story, but sales will likely rise only gradually even after U.S. FDA clears a self-injection version of the drug in May

** Adds that uptake will be slow, given brain scans are likely what doctors prefer for amyloid confirmation

** Newer drugs such as Skyclarys and Zurzuvae should support growth while older drugs remain under pressure - Citi

** BIIB shares up 0.9% at $174.54

** Including session's move, BIIB down 0.8% YTD

(Reporting by Kunal Das in Bengaluru)

((Kunal.Das2@thomsonreuters.com;))

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