UPDATE: Piper Jaffray Raises PT on Biogen Idec to $135

Piper Jaffray has published a research report on Biogen Idec (NASDAQ: BIIB) and has raised the price target from $129 to $135.

In the report, Piper Jaffray writes, "The second Phase III trial (CONFIRM) for BG12 met the primary endpoint and nearly all secondary endpoints, supporting the stellar results seen in the first trial (DEFINE) and a $3bn+ market (up from $2-3bn) opportunity as the preferred frontline MS therapy. Biogen expects to file BG12 in 1H12. We expect BIIB shares to trade up on the data, and remain OW as we believe the BG12 opportunity combined with a reacceleration in Tysabri sales through the availability of the anti-JCV assay and additional contributions from PEG-Avonex (Phase III data early 2013) and daclizumab (Phase III data 2013) all support a diversified MS franchise that potentially can sustainably grow earnings at >15% well into the next decade."

Piper Jaffray maintains its Overweight rating on Biogen Idec which is currently trading up $10.39 from yesterday's $106.87 closing price.