UPDATE: Goldman Sachs Upgrades Biogen Idec; Raises PT

According to a research report published earlier this morning, Goldman Sachs has upgraded Biogen Idec

from Neutral to Buy, and has increased PT from $120 to $150. In the report, Goldman Sachs commented, “Despite the significant outperformance (up 77% vs. 6% for S&P LTM), we see the risk/reward as attractive. We see the success of BG-12 supporting the current valuation, with multiple optionalities for upside that are underestimated in Street estimates: (1) a reasonable probability of success of dexpramipexole (dex) in ALS, a $1.5bn+ opportunity; (2) long acting hemophilia products could potentially capture 10%-20% of the market, a $1bn+ opportunity; and (3) Gilenya safety issues could expand BG-12's and Tysabri's potential.” Biogen Idec closed yesterday at $128.80.