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))