Jefferies Comments on Biogen (BIIB), Sees Buying Opportunity
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Price: $216.78 +1.13%
Rating Summary:
28 Buy, 15 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
28 Buy, 15 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Jefferies is reiterating its Buy rating and $124 price target on shares of Biogen (NASDAQ: BIIB) following abstracts for the EXTRIMS meeting which were recently released.
The firm notes that Biogen reported positive top-line phase 3 data for BG-12 DEFINE. Data confirmed that the efficacy of the BID and TID arms were similar in DEFINE, which increases the firm's confidence in the data.
Management announced that there was an 85 percent and 74 percent cut back in new or newly enlarging T2 lesions and a 94% and 72% reduction in gadolinium-enhancing lesions in the two BG-12 arms. An analyst at Jefferies comments, "These data suggest a much stronger effect on MRI measures than would be expected from standard front-line injectable therapies."
CONFIRM is currently in its second phase 3 trial of BG-12 with data from the trial expected to be released this quarter. The firm is anticipating good news following DEFINE data.
Jefferies reports, "We believe that recent controversy around CONFIRM outcomes creates a good buying opportunity and we see significant upside for BIIB if CONFIRM shows a similar efficacy benefit as DEFINE."
For more ratings news on Biogen click here and for the rating history of Biogen click here.
Shares of Biogen closed at $91.66 yesterday.
The firm notes that Biogen reported positive top-line phase 3 data for BG-12 DEFINE. Data confirmed that the efficacy of the BID and TID arms were similar in DEFINE, which increases the firm's confidence in the data.
Management announced that there was an 85 percent and 74 percent cut back in new or newly enlarging T2 lesions and a 94% and 72% reduction in gadolinium-enhancing lesions in the two BG-12 arms. An analyst at Jefferies comments, "These data suggest a much stronger effect on MRI measures than would be expected from standard front-line injectable therapies."
CONFIRM is currently in its second phase 3 trial of BG-12 with data from the trial expected to be released this quarter. The firm is anticipating good news following DEFINE data.
Jefferies reports, "We believe that recent controversy around CONFIRM outcomes creates a good buying opportunity and we see significant upside for BIIB if CONFIRM shows a similar efficacy benefit as DEFINE."
For more ratings news on Biogen click here and for the rating history of Biogen click here.
Shares of Biogen closed at $91.66 yesterday.
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