UPDATE: Citi Downgrades Biogen (BIIB) to Neutral
(updated to add analyst comment)
Citi analyst Robyn Karnauskas downgraded Biogen (NASDAQ: BIIB) from Buy to Neutral with a price target of $230.00 (from $470.00)
- Has concerns with the company's overall strategy.
- Expected Aducanumab to work and acknowledges we "were wrong."
- Believes capital allocation will be a critical issue for internal pipeline and M&A.
- "Without Aducanumab, BIIB needs additional M&A aside from NITE and latestage assets to contribute to growth near term."
Shares of Biogen closed at $320.59 yesterday.