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."

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Shares of Biogen closed at $273.02 yesterday.