UBS analyst Carter Gould upgraded Biogen to Neutral and raised his price target for the shares to $270 from $262.

The biotech closed Friday down $3.28 from $251.74. The analyst sees an improved risk/reward and a positive near-term setup going into the Q2 earnings call and strategic review. The competitive threat to Biogen's Spinraza from gene therapy is now priced into the shares and sentiment is near a bottom, Gould tells investors in a research note.

The analyst is also "incrementally more constructive" on aducanumab. Gould thinks the stock's underperformance "stops here."