Cowen upgrades Biogen and doubles price target after Alzheimer's drug approval

A pedestrian walks past Biogen Inc. headquarters in Cambridge, Massachusetts, U.S., on Monday, June 7, 2021.
Adam Glanzman | Bloomberg | Getty Images

The landmark approval of Biogen's Alzheimer's therapy drug should be a big winner for the company even if the treatment is used only by a small percentage of patients, according to investment firm Cowen.

The company's stock surged 38% on Monday following the approval of the drug, which goes by the name Aduhelm.

In upgrading the stock to outperform from market perform, Cowen analyst Phil Nadeau said in an investor note that the shares have further upside.

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