BMO Capital analyst M. Ian Somaiya raised his price target on Biogen (NASDAQ: BIIB) to $304.00 (from $286.00) following announcement that nusinersen hit the motor function primary endpoint in an interim analysis from the P3 trial, but maintained a Market Perform rating.

Somaiya commented, "Based on these data, BIIB has exercised its global development and commercialization option with regulatory filings likely in 4Q16. We believe current strength in BIIB reflects acceleration in nusinersen timelines as Type 1 approval could now come in mid-2017 (vs. 2018 prior). We believe weakness in competitor AVXS reflects increased risk that AVXS-101’s P3 program may require a H2H trial versus nusinersen, raising clinical risk and potentially delaying launch beyond our and Street’s 2020 estimate. We believe aducanumab titration data (YE16) is BIIB’s most significant upcoming catalyst, though we remain cautious on the Aβ hypothesis."

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Shares of Biogen closed at $289.93 yesterday.

Analyst Comments Analyst PT Change FDA

Biogen (BIIB) PT Raised to $367 at Leerink PartnersAugust 1, 2016 3:18 PM Baird Incrementally Positive on Biogen (BIIB) Nusinersen Data; PT to $284August 1, 2016 3:16 PM Stifel Affirms Biogen at 'Hold' Following Strong Nusinersen Phase 3 DataAugust 1, 2016 3:00 PM Biogen (BIIB), Ionis (IONS) Announce Nusinersen Phase 3 Met Primary Endpoint in Infantile-Onset SMAAugust 1, 2016 7:34 AM Biogen and Ionis Pharmaceuticals Report Nusinersen Meets Primary Endpoint at Interim Analysis of Phase 3 ENDEAR Study in Infantile-Onset Spinal Muscular AtrophyAugust 1, 2016 7:30 AM