Leerink Swann Resumes Coverage on Biogen IDEC (BIIB) with an Outperform
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Leerink Swann resumes coverage on Biogen IDEC (Nasdaq: BIIB) with an Outperform rating. $55/share valuation.
Leerink analyst says, "Shares have been pressured by the emergence of new cases of PML later in duration of Tysabri therapy as well as at least one case of CNS lymphoma. Given Tysabri's generous suppression of CNS immunity, these events are not necessarily unexpected. Notably, however, there appears to be a geographic clustering of these cases suggesting the risk of these events ex-Germany may be lower than the global rate would suggest. We believe BIIB's current share price reflects little value for Tysabri; while shares may be sluggish with new Tysabri-related events in the near term, in our view the current level is an attractive entry point."
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