Biogen (BIIB) PT Raised to $500 at Cowen Amid BIIB037 Data

Cowen analyst Eric Schmidt reiterated an Outperform rating and raised his price target on Biogen (NASDAQ: BIIB) to $500.00 (from $425.00) following BIIB037 data.

commented, "BIIB037 (aducanumab) demonstrated an impressive time and dose dependent reduction in decline of cognition as measured on MMSE (76% and 81% at 3 and 10 mg/kg) and CDR (71% at 10 mg/kg). Consistently, a-beta plaques were cleared close to normal at the highest dose. Safety appears acceptable. Given BIIB037's impressive profile we are increasing our price target to $500 (26x 2016 EPS)."

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 $433.65 yesterday.

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