Biogen upgraded to Buy at Guggenheim on potential for growth

As previously reported, Guggenheim upgraded Biogen to Buy from Neutral with a price target of $350, up from $270. With accelerated approval in hand for Leqembi in Alzheimer’s and an AdCom meeting scheduled for June 9, the company is "optimistic for full approval" and the firm agrees as it expects Leqembi to receive full approval and broad CMS coverage. The firm also argues that Zuranolone represents "a large commercial opportunity in the long run." Guggenheim adds that the company’s new CEO’s "bold business development vision," and the company’s strong cash position, bode well for new deals and expansion in "hot" therapeutic areas such as immunology.