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 $346, up from $280. The analyst now sees a "confluence of positive catalysts over the next several quarters" for the shares. Foremost among them is Leqembi, as the firm expects "robust uptake" after full approval and subsequent Centers for Medicare and Medicaid Services reimbursement. When coupled with Biogen’s meaningful expense leverage and a fresh management approach, the stock’s intermediate- to longer-term setup on is attractive, the analyst tells investors in a research note.