SAGE - Biogen upgraded to buy at Stifel on aducanumab optimism

Today, Biogen ([[BIIB]] +10.1%) and Eisai's ([[ESALF]]) announced that FDA has extended the review period for aducanumab by three months, sending the Biogen shares 10% higher in premarket trading.In a note to clients, the analysts at Stifel comment that with the extension of the review period, the approval for aducanumab is ‘not just possible,’ but ‘trending towards more likely than not.’ The analyst Paul Matteis and the team have raised the recommendation to buy from hold with a price target of $358, implying a ~33.6% of upside from the previous close.In November, aducanumab (formerly BIIB037) failed to win the endorsement from the FDA advisory committee as a treatment for patients with mild Alzheimer's disease (“AD”).In addition to a more than 50-50 probability for aducanumab approval, the analysts also have a favorable opinion on Biogen’s collaborations.‘We are enthusiastic about its re-upped collaboration with Ionis and the recent deal with SAGE,’ Paul Matteis and

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Biogen upgraded to buy at Stifel on aducanumab optimism