The demand outlook for Biogen's new Alzheimer's drug appears strong despite lingering concerns about the new treatment, and that should push the company's stock higher, according to Piper Sandler.
The Food and Drug Administration's approval of Aduhelm has been controversial, with multiple members of an FDA advisory committee resigning in protest over the decision. There are concerns about the effectiveness of the treatment.
Piper Sandler analyst Christopher Raymond said Friday in a note to clients that he shared some of those concerns but that Aduhelm would still be a winner for Biogen's business. Raymond upgraded the stock to overweight from neutral.