Piper Sandler upgraded Biogen (BIIB) to Overweight from Neutral with a price target of $214, up from $177. The company’s acquisition of Apellis Pharmaceuticals (APLS) brings new drugs to fill the gap created by its declining legacy multiple sclerosis franchise, the analyst tells investors in a research note. Piper believes the addition of Syfovre and Empaveli “at a minimum fills a gap” created by Biogen’s loss of exclusivity exposure for its legacy multiple sclerosis assets.
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