Biogen upgraded to buy at Stifel on lecanemab Alzheimer's treatment
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Stifel has upgraded Biogen (NASDAQ:BIIB) to buy from hold saying that its Alzheimer's candidate lecanemab will have a competitive clinical profile against two competing candidates from Eli Lilly (LLY) and Roche (OTCQX:RHHBY).
The firm upped its price target to $299 from $223 (~18% upside based on Wednesday's close).

Analyst Paul Matteis said skepticism on lecanemab following a phase 3 data readout in September is overdone.
While upcoming late-stage data from Lilly (LLY) for donanemab and Roche (OTCQX:RHHBF) for gantenerumab are potential overhangs, he expects lecanemab to have some advantages.
Those include better efficacy compared to gantenerumab and a higher rate of ARIA -- a type of brain swelling -- with donanemab.
Matteis added that key opinion leader feedback found that most doctors expect to prescribe lecanemab if approved.
Seeking Alpha contributor and research scientist Keith Williams' assessment of the lecanemab phase 3 data.