Low Investor Sentiment Provides Buying Opportunity in Biogen (BIIB) -BWS Financial

BWS Financial is out with a research note on Biogen Idec (Nasdaq: BIIB) saying that "low investor sentiment provides an attractive buying opportunity for long-term investors." The firm maintains its Buy rating and $70 price target on Biogen.

The firm points out that despite recent news that a case of PML was discovered among Tysabri patients, the drug continues to drive sales for Biogen. Additionally, given pharma's defensive nature, BWS believes that Q4 results "should differentiate biotech stocks, including BIIB, from the rest of the market." BWS also notes that Biogen's R&D pipeline currently has 8 drugs in Phase III development, as well as another 9 in Phase II development.

Shares of Biogen are down 4.4% to $40.41 today.

Biogen Idec, Inc. engages in the development, manufacture, and commercialization of novel therapies primarily in the areas of oncology, neurology, immunology, and cardiology in the United States and internationally.

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