By Dhirendra Tripathi
Investing.com – Biogen (NASDAQ:) shares rose 4% Thursday following two upgrades as well as new findings showing benefits from a higher dose of a medicine it makes to treat patients suffering from spinal muscular atrophy.
Biogen licensed the global rights to develop, manufacture and commercialize the medicine, Spinraza, from Ionis Pharmaceuticals (NASDAQ:). Ionis shares gained by more than 3%.
The data showed benefits to patients over the long term.
Two brokerages, SVB Leerink and UBS (NYSE:), upgraded the stock to a ‘buy’ on the same day.
SVB Leerink has kept its target for the stock at $475, 12.5% from the stock’s current level of $422. UBS’s $463 target is 9.7% more from the prevailing price.
Biogen made headlines Monday (NASDAQ:) when its aducanumab became the first medicine in 18 years to secure U.S. Food and Drug Administration’s authorization to treat Alzheimer’s.