Biogen (BIIB) Target Raised to $215 at Jefferies after Tecfidera Approved with Favorable Label
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Price: $209.83 -0.39%
Rating Summary:
28 Buy, 15 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
28 Buy, 15 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Jefferies lifted its price target on Biogen (NASDAQ: BIIB) from $201 to $215 after the , the FDA approved Tecfidera (BG12) for multiple sclerosis.
"The label was better than we had expected, with a benign FDA requirement of annual white blood cell count monitoring, no warning around kidney toxicity or renal cell carcinoma, and no requirement for kidney function monitoring," analyst Thomas Wei said.
The favorable label increases the firm's confidence in Tecfidera uptake.
The firm raised 2013 EPS estimates from $6.75 to $6.78 but cut 2014 EPS estimates from $9.64 to $8.03.
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 $182.68 yesterday.
"The label was better than we had expected, with a benign FDA requirement of annual white blood cell count monitoring, no warning around kidney toxicity or renal cell carcinoma, and no requirement for kidney function monitoring," analyst Thomas Wei said.
The favorable label increases the firm's confidence in Tecfidera uptake.
The firm raised 2013 EPS estimates from $6.75 to $6.78 but cut 2014 EPS estimates from $9.64 to $8.03.
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 $182.68 yesterday.
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