Biogen upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler analyst Christopher Raymond upgraded Biogen to Overweight from Neutral with a price target of $450, up from $384. Two new data points are "too positive to ignore," making the "path of least resistance on this stock is decidedly higher," Raymond tells investors in a research note. First, a new survey of 52 neurologists indicates above-consensus uptake of Aduhelm based on patient traffic, physician willingness to prescribe and anticipated payer countermeasures, says the analyst. Second, Raymond checked in with a reimbursement consultant "who painted an overwhelmingly positive picture on the access and reimbursement front." Combining this with a "low-probability but still completely free call option" that Biogen wins on appeal with the Tecfidera intellectual property case, the stock is likely to go higher in the near term, says Raymond.