Analyst Upgrades Biogen Citing Upcoming Conference, Competitive Readouts - Biogen (NASDAQ:BIIB)

Stifel upgraded Biogen Inc BIIB from Hold to Buy, saying shares have faded since positive lecanemab data in mild Alzheimer's.
It raised the price target from $223 to $299.
The analyst worries about residual competitive/commercial risks, notwithstanding the uncertainty around Biogen's future CEO.
Stifel views upcoming Roche Holding AG's RHHBY gantenerumab data are unlikely to live up to the high bar lecanemab recently set and thinks there's a meaningful commercial role for lecanemab even if Eli Lilly And Co's LLY donanemab succeeds based on lecanemab's substantially lower rate of ARIA.
Related: These Stocks Are On The Radar After Biogen-Eisai's Surprising Alzheimer's Trial Win.
Near term, in the most likely gantenerumab data scenarios, Stifel analyst thinks Biogen shares trade higher.
It notes that the stock set-up is admittedly tricky, and the risk/reward is upside-biased, as there's more skepticism than anticipated on what looks like a best-case scenario for CLARITY-AD.
Also, according to a recent research report, lecanemab's benefit to patients might be limited.
Price Action: BIIB shares are up 7.04% at $271.54 on the last check Thursday.