BUZZ-Piper Sandler cuts Biogen, says company is in transition

Brokerage Piper Sandler downgrades drugmaker Biogen BIIB.O to "neutral" from "overweight"; trims PT to $138 from $315, a Wall-Street low among the 36 analysts covering the stock, according to data compiled by LSEG
Shares down 0.14% at $152.70 premarket

Brokerage says Biogen's revenue, heavily reliant on multiple sclerosis (MS) treatments, is "sure to shrink further"

Says the company remains in transition, focusing on developing Alzheimer's disease treatments and immunology-focused R&D which are still far from bearing fruit

Earlier in December, co said it expects growth of its keenly watched Alzheimer's disease drug, Leqembi, to see a "linear trend" in the U.S. in the near term

Eighteen of 36 brokerages rate the stock "buy" or higher and 18 "hold"; their median PT is $210 - LSEG

Up to Tuesday's close, BIIB down ~41% YTD

(Reporting by Joel Jose in Bengaluru)

((joeljose@thomsonreuters.com))