Baird Incrementally Positive on Biogen (BIIB) Nusinersen Data; PT to $284
Baird analyst Brian Skorney bumped his price target on Biogen (NASDAQ: BIIB) to $284.00 (from $268.00) but lefts his Neutral rating, saying they are incrementally positive on nusinersen interim Phase 3 results.
Skorney commented, "Results are in, earlier than expected, and nusinersen appears to have done what few other CNS antisense oligos have done before -- shown a statistically significant effect on a key functional endpoint. This success in treating SMA, the first ever for the most common genetic cause of infant death, is a major achievement. We are increasing our price target to $284 on increased probability of success for nusinersen."
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Shares of Biogen closed at $289.93 yesterday.