NEW YORK (TheStreet) --Shares of Biogen  (BIIB) were climbing by 6.81% to $295.86 in early afternoon trading on Monday, after Piper Jaffray upgraded the stock to "buy" from "neutral" with a price target of $335. "While there may be more trouble ahead, the valuation seems like a reasonable entry," according to the firm.

"Part of their thesis seems to be Alzheimer's research, a lot of companies have failed to make any progress in Alzheimer's, so they may be wrong in that regard," Lebenthal Asset Management CEO Jim Lebenthal said during CNBC's "Fast Money Halftime Report" today.

However, this call is correct regarding the valuation of the stock, Lebenthal added. "The valuation here is very cheap and I think that gives them a margin of safety in making the call."

"If you are an investor, you're looking at one of the top 10 biotech's in the country by market cap, maybe one of the cheapest on forward earnings and definitely one of the few very big companies, still itself, a takeover target," Ritholtz Wealth Management CEO Josh Brown explained.

Investors can find "a lot to like" in this stock, that will allow them to "tolerate" the possibility of a downtrend continuation in the stock and gives them the chance to add to their position, he noted.

Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B.

Biogen's strengths such as its solid stock price performance, impressive record of earnings per share growth, increase in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures outweigh the fact that the company shows weak operating cash flow.

You can view the full analysis from the report here: BIIB

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.

More from Markets

GE Beats Earnings Estimates and 4 Other Stories You Must Know Friday Morning

GE Beats Earnings Estimates and 4 Other Stories You Must Know Friday Morning

Global Stocks Hit by Asia Tech Weakness, Oil Price Rally; U.S. Futures Slip

Global Stocks Hit by Asia Tech Weakness, Oil Price Rally; U.S. Futures Slip

General Electric, Honeywell, Wells Fargo and Qualcomm - 5 Things You Must Know

General Electric, Honeywell, Wells Fargo and Qualcomm - 5 Things You Must Know

Ericsson Rockets After Solid Q1 Following Cevian Push to Accelerate Turnaround

Ericsson Rockets After Solid Q1 Following Cevian Push to Accelerate Turnaround

Skechers Shares Are Crashing Pre-Market

Skechers Shares Are Crashing Pre-Market