Piper Sandler says Alzheimer's treatment Leqembi will help drive the stock up 20% in coming months. Leqembi is currently awaiting full approval from the FDA.
Piper Sandler said several positive catalysts are in sight for Biogen over the next several quarters. Analyst Christopher Raymond upgraded Biogen to overweight from neutral. He also raised his price target to $346 per share from $280 per share. The new target implies upside of 20.3% from Friday's close. The firm named the foremost catalyst for Biogen as Alzheimer's treatment Leqembi , which it co-developed with Japanese pharmaceutical company Eisai.
He noted that 75% of doctors indicated they would never prescribe Leqembi under the current accelerated approval — meanwhile, the number increases to over 80% when within a year of full approval. "Moreover, addressing a key investor concern – almost 80% of docs today report adequate access to infusion capacity, but that number drops just a little to 70% after increasing use upon full approval," said Raymond.
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