Leerink Partners Upgrades Biogen (BIIB) to Outperform
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Leerink Partners upgraded Biogen (NASDAQ: BIIB) from Market Perform to Outperform with a price target of $365.00.
Analyst Geoffrey Porges commented, "This morning Biogen announced positive interim data for CHERISH, a phase III study of Spinraza (nusinersen) for the treatment of later-onset (Type II) spinal muscular atrophy (SMA). The positive outcome of this trial did not come as a surprise to us given our recent research with MEDACorp KOLs in the field of SMA, but the timing was certainly much earlier than the company’s guidance and than our expectations. The timing and result materially increases the assurance that the initial label for nusinersen will include all, or at least most forms of SMA and thus gives the drug even more near term revenue potential than we have modeled previously."
Shares of Biogen closed at $277.00 yesterday.
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