Salanersen presents long-term upside opportunity for Biogen, says Morgan Stanley

Morgan Stanley reiterated an Equal Weight rating and $146 price target on Biogen (BIIB) after it announced it will advance its investigational Spinal Muscular Atrophy asset salanersen into registrational studies based on supportive Phase 1 data. On efficacy, salanersen led to substantial slowing of neurodegeneration, with mean reductions in neurofilament light chain of 70% at 6-months, which were sustained through the 1-year dosing interval, the analyst tells investors in a research note. The drug represents an opportunity for long-term upside on Biogen’s SMA franchise, the firm adds.