Mizuho Securities Starts Biogen (BIIB) at Neutral
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Mizuho Securities initiates coverage on Biogen (NASDAQ: BIIB) with a Neutral rating and a price target of $290.00.
Analyst Salim Syed commented, "... we think BIIB is like Rocky....beaten down, but still has guns, muscle and heart."
That said, they are Neutral "predominantly because of a lack of near/medium term potential catalyst flow and uncertainty around mgmt shifts. We also didn’t feel comfortable recommending the stock ahead of Tecfidera’s upcoming litigation and several other more near-term competitor catalysts (e.g. CELG Ozanimod MS data in 1H’17) that could potentially put some pressure on the stock."
Shares of Biogen closed at $277.00 yesterday.
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