Wells upgrades Biogen to Overweight on pipeline outside Alzheimer’s

Wells Fargo analyst Mohit Bansal upgraded Biogen (BIIB) to Overweight from Equal Weight with a price target of $250, up from $200. The firm believes the company’s new revenue streams from its immunology and kidney pipelines reduce its reliance on Alzheimer’s. Wells cites Biogen’s new medium-term growth drivers from its late-stage pipeline outside neurology for the upgrade, rather than any near-term inflections in its ongoing launches. The focus is shifting to Biogen’s late-stage pipeline, the analyst tells investors in a research note.