BIIB - iRhythm downgraded on CEO exit UBS bullish on aducanumab approval; in today's analyst action

iRhythm cut to neutral at Citi on leadership transitionReaffirmed guidance for the current quarter did not help iRhythm Technologies (IRTC) to avert a sharp selloff in the post-market yesterday after announcing the departure of its CEO Michael Coyle effective June 01.The stock has extended the losses with a ~14.2% loss in the pre-market as Citi downgrades the stock to neutral from buy. The price target lowered by more than a quarter to $78.00 per share implies an upside of ~2.3%.CEO exit will leave iRhythm shares “sideways” for a while after an initial hit, analyst Joanne Wuensch wrote noting the company’s ongoing negotiations for Medicare reimbursement rates, a major overhang for company shares in the year so far.UBS sees Biogen winning FDA approval for aducanumabCiting expert opinion, UBS analysts Colin Bristow and the team expect a 60% chance for FDA approval for aducanumab, the experimental therapy for Alzheimer’s disease co-developed by Biogen (BIIB) and Eisai (ESALF).The

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iRhythm downgraded on CEO exit, UBS bullish on aducanumab approval; in today’s analyst action