Biogen downgraded to hold at Stifel on questions on Alzheimer's therapy lecanemab
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Stifel has downgraded shares of Biogen (NASDAQ:BIIB) to but from hold amidst several factors, notable concerns over the likelihood that Alzheimer's treatment lecanemab wins approval.
The firm cut its price target to $223 from $304 (~8% upside based on Monday's close).

Analyst Paul Matteis said he sees ~30% chance that lecanemab wins approval, adding that he is not optimistic that the Centers for Medicare and Medicaid Services will change a draft coverage determination on narrow coverage for the company's marketed Alzheimer's treatment Aduhelm (aducanumab).
Matteis noted that his downgrade hinged on lecanemab. "Even after a big pullback, there could still be significant downside from here if lecanemab fails."
In late September, Biogen (BIIB) and partner Eisai (OTCPK:ESALY) began a rolling submission of a Biologics License Application for lecanemab.