Shares of Biogen Inc.
BIIB,
-4.36%
dropped 4.1% in afternoon trading Friday, to pull back from a six-year high, but UBS analyst Colin Bristow seems room for further gains to a record close. Even with the pullback, the stock has rocketed 39.0% this week, which would be the biggest weekly gain since it ran up 56.3% during the week ending Dec. 23, 1999, after the Food and Drug Administration approved the biotechnology company’s Alzheimer’s drug, Aduhelm. Bristow upgraded Biogen to buy from neutral, saying “like it or not, Aduhelm is going to get used.” He raised his stock price target to $463, which is 5.6% above the March 20, 2015 record close of $438.43, from $311. “We acknowledge there has and will continue to be physician/payor pushback but our doc checks indicate patient-led demand is already extremely high, with even bearish clinicians acknowledging there will be significant use (even if not under their own care),” Bristow wrote in a note to clients. The stock has run up 62.4% year to date, while the S&P 500
SPX,
+0.19%
has gained 12.9%.
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