RBC Capital analyst Brian Abrahams upgraded Biogen to Outperform from Sector Perform with a price target of $248, up from $227. The stock in premarket trading is up 1% to $209.50. Biogen shares are now down 50% from their post-Aduhelm approval highs, and even when completely removing the Alzheimer’s treatment from the model and with conservative estimates for Biogen’s marketed and developmental programs, the stock only has 11% additional downside from here, Abrahams tells investors in a research note. In addition, RBC’s Alzheimer’s doctor survey indicates that despite mixed data and negative headlines, there remains “surprisingly solid appetite” for use of beta-amyloid antibodies, says the analyst. He believes this indicates potential for “considerable revenue and stock appreciation potential” for Biogen on any positive developments this year around the National Coverage Determination or lecanemab. With investor sentiment “at a low,” Abrahams views the stock’s upside/downside as more attractive.