Piper Jaffray’s healthcare analyst Joshua Schimmer weighed in today with his thoughts on Biogen Idec (NASDAQ:BIIB), following the results from a phase 2 study of the company’s anti-Lingo antibody for optic neuritis. The analyst rates the stock an Overweight with a $386 price target. 

Schimmer wrote, “It’s hard for us to consider a per-protocol statistically significant change in electrical conduction of visual stimuli without any other obvious benefit or even a statistically significant improvement when measured by ITT, but we have always viewed this program as highly speculative, unlikely to succeed and not a part of our investment hypothesis.”

The analyst continued, “We will see if the program delivers clinical benefit in the MS setting in 2016 and do not include it in our model or valuation. BIIB is still our top large cap pick though on the basis of its attractive growth, reasonable multiple and Alzheimer’s and other programs.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Joshua Schimmer has a total average return of 28.6% and a 77.1% success rate. Schimmer has a 15.1% average return when recommending BIIB, and is ranked #50 out of 3434 analysts.