Truist downgrades Biogen, citing growth challenges, limited pipeline upside

Brokerage Truist downgrades drugmaker Biogen BIIB.O to "hold" from "buy", trims PT to $142 from $199

New PT implies a 13.6% upside to the stock's last close

Truist says the downgrade is due to weak growth prospects in Biogen'ss existing products and no low-risk new drug in development

Brokerage is no longer optimistic about Biogen's Alzheimer's drug opportunity, and expects only modest growth for Leqembi

Expects limited growth for Zurzuvae and believes Skyclarys sales have peaked and says Biogen's late-stage pipeline is seen as high-risk

As of last close, BIIB stock down 18.3% YTD