Biogen (BIIB) Target Raised to $300 at Leerink Swann

October 7, 2013 8:49 AM EDT
Get Alerts BIIB Hot Sheet
Price: $280.66 +0.11%

Rating Summary:
    18 Buy, 16 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Leerink Swann today maintained an Outperform rating on Biogen (NASDAQ: BIIB) and raised its price target to $300.00 (from $286.00).

Analyst Marko Kozul said, "On day 3 of ECTRIMS our attention was focused on a remyelination session and MEDACorp KOL commentary regarding a potential EU Tecfidera launch. Remyelination compounds anti-LINGO from BIIB and rHIgM22 from ACOR (OP) are capturing KOLs' interest despite no available clinical data likely until 2014. EU KOLs describe considerable pent-up patient demand in Europe and anticipate a community-wide backlash primarily directed toward the EMA if BIIB were not to launch due to failure to obtain data exclusivity. Finally, based on our IMS analysis and recent ECTRIMS discoveries (see our ECTRIMS BIIB notes on Day 1 and Day 2), we are increasing our Tecfidera estimates (e.g., from $165M to $220M in 3Q:13) which in turn drives our new $300 price target (PT)."

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 $240.30 yesterday.

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