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BMO Capital Sees Limited Near-Term Impact on Biogen (BIIB) from Interference Decision

April 14, 2015 3:13 PM EDT
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Price: $215.63 -0.33%

Rating Summary:
    29 Buy, 13 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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BMO Capital analyst Jim Birchenough reiterated an Outperform rating and $511 price target on Biogen (NASDAQ: BIIB), saying Forward Pharma (FWP) Interference Decision was expected and they see limited near-term impact.

Birchenough commented, "We reiterate our Outperform rating on shares of BIIB following the USPTO update and interference decision. While a senior party claim could provide significant advantage to Forward Pharma, we believe that this decision was expected in BIIB shares and unlikely to impact valuation in the near term. Ultimately with the court process likely to extend beyond 2015 and with Forward Pharma yet to initiate phase 3 in MS as of yet we see competitive risk as far off, with potential settlement for TECFIDERA royalty as one potential option to lift the overhang. Fundamentally at the point where Forward Pharma was a legitimate commercial risk, we expect BIIB to have larger, longer lived opportunities to offset risk, in particular aducanumab for Alzheimer's"

For an analyst ratings summary and ratings history on Biogen click here. For more ratings news on Biogen click here.

Shares of Biogen closed at $423.36 yesterday.



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