Nomura Instinet analyst Christopher Marai yesterday raised his price target for Biogen to $420 following a pipeline “deep dive.” The biotech closed yesterday down $10.95 to $322.52.

The analyst anticipates 2018 will be a “meaningful” year for the company. Spinraza will form the backbone of spinal muscular atrophy therapy, positive corporate updates will be announced, and recent data further de-risks aducanumab, Marai told investors in a research note. He sees upside to the shares over the next 12 months as expectations for aducanumab Phase success become priced in ahead of potential 2018 interim data.

The analyst keeps a Buy rating on Biogen.