Baird analyst Brian Skorney raised his price target on Biogen (NASDAQ: BIIB) to $309.00 (from $284.00) following additional sola details. The firm stopped short of upgrading the stock, however, and maintained a Neutral rating.

Skorney commented, "Lilly reported additional quantitative results from the Phase 3 EXPEDITION 3 study of solanezumab. The drug failed to differentially reduce plaque burden versus placebo but did seem to favor an effect, albeit clinically insignificant. This is the best case scenario for Biogen, and indicates that the lack of clinically relevant improvement in cognition/function for sola may be more due to lack of plaque reduction versus complete failure of the amyloid hypothesis. We are raising our price target to $309."

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Shares of Biogen closed at $289.54 yesterday.