At last week’s European Committee for Treatment and Research in Multiple Sclerosis (ECTRIMS) conference, Biogen Inc (NASDAQ:BIIB) provided “further clarity” on the “unexpected complex dose response” detected in the Phase 2 SYNERGY trial that exhibited statistically significant benefits for the firm’s MS-treating pipeline drug opicinumab.

Subsequently, H.C. Wainwright analyst Andrew Fein reiterates a Buy rating on BIIB with a price target of $360, which represents an 18% increase from where the shares last closed.

Fein asserts, “While we believe the general consensus at the meeting was that lack of benefit on functional progression in the total population and worsening at the highest dose (100mg/kg) trumps any benefit reported in the subgroup analysis, we view the apparent benefit in younger (<40 years) and less severe patients (RRMS but not SPMS) as an interesting signal and supportive of our earlier concerns regarding timing of treatment.”

However, the analyst ultimately does not see the drug as “ready for Phase 3 prime time,” concluding, “In our opinion, while the response reported at the middle doses in less severe patients is logical (less age and disease-related changes affecting multiple cell types), it remains unclear if/how maladaptive responses to attenuation of LINGO-1 signaling pathways contributed to clinical worsening at the highest dose.”

For now, Fein looks to the future and hopes for better clarity in relation to opicinumab’s future development.

As usual, we like to include the analyst’s track record when reporting on new analyst notes to give a perspective on the effect it has on stock performance. According to TipRanks, five-star analyst Andrew Fein is ranked #135 out of 4,163 analysts. Fein has a 53% success rate and realizes 16.1% in his yearly returns. When recommending BIIB, Fein gains 6.7% in average profits on the stock.

TipRanks analytics demonstrate BIIB as a Buy. Based on 16 analysts polled in the last 3 months, 9 rate a Buy on BIIB, while 7 maintain a Hold. The consensus price target stands at $343.57, marking a nearly 13% upside from where the stock is currently trading.