UPDATE: Bank of America Raises PO to $173 on Biogen Idec on Strong Hemophilia Data
Bank of America reiterated its Buy rating on Biogen Idec (NASDAQ: BIIB) and raised its price objective from $157 to $173.
Bank of America said, "BIIB and partner SOBI reported positive and better-than-expected Phase 3 results for their first long-acting hemophilia program, rFIXFc. This program targets a smaller portion of the $6B global hemophilia market ($1B), but gives us increased confidence overall in the long-acting technology that supports the $5B global Factor 8 market. Based on these results, we are increasing our PO from $157 to $173, driven by higher probability of success for the entire hemophilia program, higher sales estimates for rFIXFc, and adjusting our model for better economics to BIIB."
Biogen Idec closed at $152.83 on Tuesday.
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