Wells Fargo downgrades Biogen on ‘too many uncertainties’

Wells Fargo analyst Mohit Bansal downgraded Biogen to Equal Weight from Overweight with a price target of $240, down from $315. The analyst sees “too many uncertainties” following the Q4 earnings report. Biogen shares have limited scope for a near-term inflection as U.S. Skyclarys sales appear to be slowing already, European Union Skyclarys sales are likely a 2025 story, and Leqembi uptake remains slow, the analyst tells investors in a research note