Today's Most Important Upgrades, Prothena & Biogen Shares Surge on Positive Data QA

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Today's Most Important Upgrades, Prothena & Biogen Shares Surge on Positive Data QA

BofA Securities upgraded Prothena Corp (PRTA) to Buy from Neutral and raised its price target to $65.00 from $45.00 following Biogen’s and Eisai’s announced positive topline data from their anti-amyloid beta (Ab) antibody, lecanemab. Shares surged around 80% intra-day today.

Baird upgraded Biogen (BIIB) to Outperform from Neutral and raised its price target to $340.00 from $224.00. Shares soared more than 29% intra-day today after CLARITY-AD becomes the first clearly positive study for a ABeta-targeting drug in Alzheimer's. According to the analysts, the reported data is pretty much a best-case scenario that not only should lead to approval and reimbursement but could make it challenging for competition (assuming any are successful) to match.

Atlantic Equities upgraded Netflix (NFLX) to Overweight from Neutral and raised its price target to $283.00 from $211.00, noting it believes the revenue opportunity from the upcoming ad-supported tier isn’t reflected in the price. Shares were trading around 9% higher intra-day.

Evercore ISI upgraded Illumina (ILMN) to Outperform from In Line and raised its price target to $250.00 from $170.00. Shares were trading 7% higher intra-day.

By Davit Kirakosyan

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