Biogen price target cut at Canaccord on pricing, labelling and efficacy concerns
travellinglight/iStock via Getty Images


Canaccord analyst Sumant Kulkarni lowered the firm's price target (PT) on Biogen to $335 from $390 and maintains a Buy rating on the shares.
The analyst noted after Aduhelm's controversial approval, there have been missteps and public backlash on pricing, narrowing of the label on the company's request, and questions around safety/efficacy.

Last month, an expert panel of the EMA adopted a negative opinion on the marketing application for Alzheimerâs disease therapy aducanumab.
Kulkarni further says that ex-U.S. regulators are not as warm and fuzzy as the FDA on the pending Aduhelm applications there, and the drug continues to be a factor that weighs on the stock.
Last week, Biogen was among one of the most prominent biotech names amid buyout rumors. Several Wall Street analysts pointed to the speculative nature of the potential deal.
Also, BofA and Oppenheimer lowered their firm's PT on BIIB stock on approval concerns and pricing change.
Developed in partnership with Eisai (OTCPK:ESALY), Biogen (NASDAQ:BIIB) won FDA approval for Aduhelm in June this year.