Biogen Shares Surge 40% on Positive lecanemab Data

Biogen Inc. (NASDAQ:BIIB) shares closed nearly 40% higher on Wednesday following the positive outcome of ph.III study of lecanemab in Alzheimer's disease, with highly statistically significant results across the board.

Analysts at RBC Capital believe this should support a high likelihood of full approval, CMS reimbursement, and $8 billion in out-year WW end-user sales, and should transform the company into an earnings growth story again starting in 2024.

The analysts expect significant stock upside, raising their price target to $321 from $251, while reiterating their outperform rating.