Biogen price target raised to $157 from $155 at Bernstein

Bernstein raised the firm’s price target on Biogen (BIIB) to $157 from $155 and keeps a Market Perform rating on the shares following quarterly results. The performance of multiple sclerosis Franchise and to a lesser extent Anti-CD20 drove the revenue beat, outpacing consensus by 14% and 10%, respectively, the firm notes. Leqembi’s miss took away the shine from this beat, and while this can be partly explained by channel dynamics, the broader competitive environment looks increasingly challenging, Bernstein adds.