Jefferies analyst Michael Yee raised the firm’s price target on Biogen (BIIB) to $350 from $325 and keeps a Buy rating on the shares after the company and partner Eisai (ESALY) presented the full Phase 3 lecanemab data at CTAD. The presentations at CTAD "showed clear positive efficacy and no major concerns on safety," according to Yee, who came away from the presentation with "comfort the data are clean, and importantly any major risk is removed and the overhang shall now pass." Given his view that long-term investors are "more likely to become bullish and get involved" following the presentations, Yee contends that Biogen’s stock "can go higher" from here.
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