Biogen (BIIB) Remains Buy at Deutsche Bank Ahead of Nov. Tecfidera EU Decision

October 28, 2013 11:45 AM EDT Send to a Friend
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Price: $304.92 -0.16%

Rating Summary:
    21 Buy, 8 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Deutsche Bank today maintained a Buy rating on Biogen (NASDAQ: BIIB) with a price target of $270.00. Comments follow Q3 results that topped consensus. In the view of analyst Robyn Karnauskas, all eyes are now on Tecfidera EU decision in November.

"According to EMA documents, a review is going on regarding a potential data exclusivity decision and the agency look likely to reach a conclusion by Nov'13. We expect the decision to be made public on Nov 22 after CHMP meeting," said Karnauskas.

"As we noted before, we see the FV of the Biogen stock at $250/sh with EU exclusivity and street-like hemophilia estimates. However, w/o exclusivity we see FV at $238/sh. Worst case: if one assumes no EU launch on an unfavorable decision, we could see BIIB trading at $225/sh. With our hemophilia estimates we see FV at $270/sh w/ exclusivity and $258/sh w/o exclusivity," added the analyst.

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 $252.26 yesterday.


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