Piper Jaffray assumes coverage on Biogen (NASDAQ: BIIB) with a Overweight rating and a price target of $390.00.

Analyst Chris Raymond believes the company can top estimates with key growth driver Spinraza. The analyst also notes that over the LT he believes in the Alzheimer's compound aducanumab which should have Phase 3 data by YE 2019. Raymond raises his FY 2017 PES estimate slightly and lowers FY 2018 incrementally.

For an analyst ratings summary and ratings history on Biogen click here. For more ratings news on Biogen click here.

Shares of Biogen closed at $338.10 Friday.