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

BofA Securities upgraded Prothena Corp (NASDAQ: 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 (NASDAQ: 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 (NASDAQ: 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 (NASDAQ: 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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