Biogen (BIIB) PT Raised to $304 at BMO Capital

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."

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 $289.93 yesterday.

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