Biogen (BIIB) PT Raised to $300 at Jefferies Post Q3

October 29, 2013 12:16 PM EDT
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Price: $282.17 +0.54%

Rating Summary:
    18 Buy, 16 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 16 | New: 11
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Jefferies lifted its price target on Buy-rated Biogen (NASDAQ: BIIB) from $270 to $300 following solid Q3 results.

"BIIB reported solid 3Q13 results driven by the Tecfidera US launch, and raised its 2013 guidance," analyst Thomas Wei said. "The company noted that FDA approval of Eloctate (long acting Factor 8 for hemophilia) may be delayed due to manufacturing issues. We believe that this may be a 3 month delay. The next key catalyst for BIIB is the November EU regulatory meeting, where a decision should be reached on 10 years of data protection for Tecfidera in the EU."

The firm trimmed Q4 EPS from $2.41 to $1.91, FY 2013 EPS from $7.91 to $7.78 and FY 2014 EPS from $13.76 to $13.44.

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 $254.43 yesterday.

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