Biogen (BIIB) Bullish View Reiterated at Jefferies Following Sensitivity Analysis

Jefferies analyst Brian Abraham reiterated a Buy rating and $322 price target on Biogen (NASDAQ: BIIB) after a sensitivity analysis suggests less negative Ocrelizumab impact than perceived.

Abraham commented, "We have constructed a sensitivity analysis which confirms that the potential long-term negative impact to BIIB from the entry of Roche’s ocrelizumab into the MS market in 2017 is likely less than perceived, even if some Tysabri (and Tecfidera) erosion occurs--given BIIB’s royalties on the product and offsets like lower costs. We see share appreciation from an in-line quarter and increasing pipeline focus."

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 $273.02 yesterday.

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