Goldman Sachs Upgrades Biogen (BIIB) to Buy, Sees 16% Upside

Goldman Sachs upgraded Biogen (NASDAQ: BIIB) from Neutral to Buy and raises their price target from $120 to $150, suggesting 16% upside.

Despite significant outperformance, the firm said risk/reward is attractive. The firm said they see success of BG-12 supporting the current valuation, with "multiple optionalities for upside that are underestimated in Street estimates." Those include: "(1) a reasonable probability of success of dexpramipexole (dex) in ALS, a $1.5bn+ opportunity; (2) long acting hemophilia products could potentially capture 10%-20% of the market, a $1bn+ opportunity; and (3) Gilenya safety issues could expand BG-12's and Tysabri's potential."

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 $128.80 yesterday.

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