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Shares of the biotech firm Biogen are down 50% since June 10, when the exuberance that greeted the Food and Drug Administration’s unexpected approval of the company’s Alzheimer’s disease therapy began to curdle.
Now, RBC Capital Markets analyst Brian Abrahams says it is time to buy the stock. Abrahams upgraded Biogen (ticker: BIIB) to Outperform, from Sector Perform, on Thursday morning, raising his target price to $248 per share, from $227.