Biogen price target raised to $225 from $214 at Piper Sandler

Piper Sandler raised the firm’s price target on Biogen (BIIB) to $225 from $214 and keeps an Overweight rating on the shares. The firm notes Biogen announced that its Phase II study evaluating BIIB080, the company’s tau-directed antisense oligonucleotide, in patients with mild cognitive impairment or Alzheimer’s disease, did not meet its primary endpoint, which was dose-response per Clinical Dementia Rating-Sum of Boxes at week 76. Management noted that the lowest dose was the best performer in terms of slowing of clinical decline. One ideally would want a clear dose response relationship, Piper argues. That said, with management pointing to a slowing of clinical decline at all doses, and with a relatively favorable safety profile, the firm believes further advancement is justified.