Biogen price target lowered to $205 from $217 at RBC Capital

RBC Capital lowered the firm’s price target on Biogen (BIIB) to $205 from $217 but keeps an Outperform rating on the shares. The company’s Q1 results reaffirm that it can still effectively grow their launch products, execute on legacy products, keep costs down, and improve the pipeline mix, the analyst tells investors in a research note. Biogen looks to be emerging as a leaner and less-risky story with a heavily-discounted multiple, the firm adds.