Piper Jaffray analyst Christopher Raymond lowered his estimates for Biogen after the company's revenue miss in Q1, stating that declining worldwide new patient starts for Spinraza "warrants a wholesale model revision." However, he thinks the company's "generally healthy" multiple sclerosis franchise has been masked by a $130M inventory draw-down, Raymond tells investors. While the analyst acknowledges that Biogen's near-term commercial story "is much less exciting than it was," he keeps an Overweight rating on the shares, citing valuation and what he sees as "a very large call-option," namely the Phase 3 readouts for possible Alzheimer's disease therapy adacanumab in 2020. Given his lower estimates, Raymond cut his price target for Biogen to $353.