In a research note partially titled "We Hope We Don't Regret This," Piper Jaffray analyst Joshua Schimmer upgraded Biogen (BIIB) to Overweight with an unchanged price target of $335. The company still has time to "get its act together to maximize the value of its SMA franchise, and stop being M&A disciplined/pipeline-undisciplined," Schimmer tells investors in a research note.

He believes the valuation is "reasonable" for the Alzheimer's and SMA franchises as well as some "interesting" pipeline opportunities. Schimmer this morning also downgraded BioMarin (BMRN) to Neutral.