Biogen Inc.

**Signal Note: Perceptive Advisors Initiates $21.8M Position in Biogen** Edelman's entry into BIIB likely reflects conviction in Biogen's pipeline depth or near-term catalysts, potentially including Phase 3 readouts in neurodegeneration (lecanemab in early AD, ATTR) or spinocerebellar ataxia programs, though recent stock weakness at ~$215/share may have presented a valuation opportunity. Given Perceptive's track record backing clinical-stage assets, this suggests confidence in pipeline probability-of-success rather than near-term revenue inflection. Key catalysts to monitor: ATTR Phase 3 data (expected 2024-25) and any additional AD indication expansion for lecanemab.