BMO Capital analyst M. Ian Somaiya upgraded Biogen (BIIB) to Outperform saying risks to the multiple sclerosis franchise and Spinraza are getting “quickly priced in” following yesterday’s post-earnings selloff.

The “poor-quality” Q3 beat helps set future expectations for multiple sclerosis and Spinraza, Somaiya tells investors in a research note. He expects investor focus to again shift to aducanumab, where his “deep dive” points to Phase 3 success. The analyst trimmed his price target for Biogen shares to $381 from $382.

The stock closed yesterday down $12.82, or 4%, to $315.73.