Biogen (BIIB) Competitor Likely to Post Pivotal Results Next Week - RBC Capital

RBC Capital analyst Brian Abrahams reiterated a Sector Perform rating and $242.00 price target on Biogen (NASDAQ: BIIB) ahead of detailed data from NVS/GMAB's ofatumumab in RRMS
expected next week. Data from two ph.III studies of NVS/GMAB’s ofatumumab in relapsing MS are expected in the late breaking ECTRIMS abstract slated for release on Wednesday, Sep 11th. Presentations will be on Sep 13th.

The analyst stated "While BIIB/Roche's Ocrevus sets a high bar on efficacy, we still see a possibility ofatumumab shows efficacy perceived as competitive (even if more modest), and with some potential
administration advantages that could enable adoption. With little in BIIB out-year expectations for any potential competitive threats to Ocrevus among high efficacy MS patients, this may skew upside/downside unfavorably for BIIB into competitor data-- though we believe other potential risks to Tecfidera and Spinraza are likely more material, and remain on the sidelines primarily based on those".

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 $223.96 yesterday.

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