Leerink is similarly bullish, and upgraded Biogen shares to "outperform" from "market perform" following the trial's positive outcome. The firm raised the probability of the treatment's success to 100% from 80%, increased its long-term revenue forecast between 1% and 2% and boosted its earnings estimates between 1% and 3%. "We believe Biogen offers substantial leverage to an emerging but still risky outlook for breakthrough treatments for Alzheimer's disease, a solid but eroding [multiple sclerosis] franchise and now one of the few really compelling new product launch opportunities for 2017," Leerink analysts said. Biogen is preparing to launch Spinraza as early as the end of 2016. The FDA accepted a New Drug Application for the treatment in October. Biogen stock was up 7% in late-morning trade while Ionis shares were surging nearly 20%.