Citi downgrades Biogen to Sell, dissatisfied with filing delay response

Citi analyst Mohit Bansal downgraded Biogen to Sell from Neutral with a price target of $240, down from $365. The stock closed Wednesday down $31.00, or 9%, to $298.01. The analyst sees “incremental downside,” however, noting that management did not provide a satisfactory explanation for the aducanumab filing delay. FurthCiti downgrades Biogen to Sell, dissatisfied with filing delay responseer, a pre-Biologics License Application meeting increases the likelihood of the FDA asking for more data or another trial, Bansal tells investors in a research note. In addition, an approval event in Alzheimer’s disease has moved to 2021, reducing the urgency to own the stock, adds the analyst.