SunTrust analyst Robyn Karnauskas reiterated a Buy rating and $360.00 price target on Biogen (NASDAQ: BIIB), telling clients to 'buy on weakness'

Karnauskas notes the company updated their Alzheimer's Disease (AD) filing timelines from early 2020 to a rolling BLA, with completion by 3Q20, This puts potential acceptance of the BLA by 4Q20.

"Investor feedback we have received so far has been pretty harsh, with most feeling like the company is either not doing a good job at communicating, setting the right expectations, or others thinking they aren't being completely forthcoming on details," she notes.

"However, in our view if you are a believer in filing acceptance, the work the FDA is doing with Biogen in our view strengthens the likelihood of acceptance. We think the stock will go up on acceptance and this is key to our thesis."

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Shares of Biogen closed at $329.01 yesterday.