Biogen Inc (NASDAQ:BIIB) indicated in its brief PR update yesterday that its pipeline drug aducanumab, the firm’s investigational treatment for early Alzheimer’s disease (AD), received Fast Track Designation from the FDA.

On the heels of this announcement, Jefferies analyst Brian Abrahams reiterates a Buy rating on BIIB with a price target of $319, which represents a slight 2% increase from where the shares last closed.

Abrahams believes, “Tucked away at the bottom of a very brief PR BIIB issued this evening on Fast Track status, we believe new data from the ph.Ib dose titration arms is confirming aducanumab’s efficacy observed in the prior arms, helping additionally de-risk the program. We expect upside for shares on this development.”

“Notably, in today’s PR, the company not only committed to presenting efficacy data at an upcoming meeting, but specifically said that the interim look shows the “efficacy… [was] consistent with results previously reported,” and we had the opportunity to speak with the company about this,” the analyst adds, praising this as a “significant development” for the biotech firm.

For now, Abrahams looks forward to the upcoming meeting to get a real sense of the degree of efficacy of BIIB’s pipeline AD drug.

According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Brian Abrahams is ranked #553 out of 4,132 analysts. Abrahams has a 52% success rate and yields 5.2% in his annual returns. When recommending BIIB, Abrahams earns 10.1% in average profits on the stock.

TipRanks analytics show BIIB as a Buy. Based on 19 analysts polled in the last 3 months, 11 rate a Buy on BIIB, while 8 maintain a Hold. The 12-month average price target stands at $338.20, marking a nearly 8% upside from where the stock is currently trading.