Wells Fargo Starts Biogen (BIIB) at Market Perform; Shares Fairly Reflect Growth Prospects

Wells Fargo initiates coverage on Biogen (NASDAQ: BIIB) with a Market Perform. PT range $122-127.

Wells analyst says, "BIIB has appreciated considerably over the past year, reflecting a string of successes. Based on data analyses, key opinion leader (KOL) discussions, and a proprietary physician survey (see separate report, MS Physician Survey), we are bullish on BIIB's ability to build its MS franchise substantially long term, to $6+ billion. Our enthusiasm is more tempered for BIIB's other late-stage programs, in hemophilia and ALS. Overall we believe BIIB's fundamentals are strong, but that with recent appreciation, BIIB's valuation (premium multiple to peers') now appropriately reflects its marketed and pipeline products' future prospects."

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 $118.14 yesterday.

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