Biogen price target raised to $203 from $200 at BofA

BofA analyst Jason Zemansky raised the firm’s price target on Biogen (BIIB) to $203 from $200 and keeps a Neutral rating on the shares. The firm views the strength in Biogen shares Wednesday as warranted given the solid Q1 print, reflecting another quarter of good execution. Some of the move, however, can be attributed to bearish positioning given usual seasonal headwinds, the analyst tells investors in a research note. The firm added that, while the results should provide another measure of reassurance over the durability of the legacy business, the lack of clarity over a near-term asset capable of bridging the revenue gap remains an overhang on the story.