Piper Jaffray analyst Joshua Schimmer believes it is time for "some change" at Biogen (BIIB) after the company announced negative opicinumab data in multiple sclerosis. While many investors were thinking the company would find some inconclusive reason to advance the program into Phase 3, it sounds like the data were so underwhelming that even this may be a challenge, Schimmer tells investors in a research note. A new approach to R&D and asset allocation would be prudent, the analyst contends. He believes Biogen is becoming more of a turnaround story. It's been frustrating to see Biogen "deteriorate over the past five years from a company with the strongest late-stage pipeline to one that appears highly speculative and with growing competitive threats," the analyst writes. Schimmer argues that Biogen has essentially swapped places with Eli Lilly (LLY). He keeps a Neutral rating on shares of Biogen. The stock is down 8%, or $22.85, to $266.72 in pre-market trading.