UPDATE: Canaccord Genuity Raises PT on Biogen Idec on Tecfidera Approval
In a report published Thursday, Canaccord Genuity analyst Ritu Baral reiterated a Buy rating on Biogen Idec (NASDAQ: BIIB), and raised the price target from $187.00 to $200.00.
In the report, Baral noted, “Reiterate BUY, increasing target to $200 on approval of Tecfidera (Tec), BIIB's new blockbuster potential oral MS drug with sparkling clean label. BIIB guidance implies strong confidence in the Tec launch. We have confidence in the initial phase of launch on high levels of community patient warehousing.We see long-term value and blockbuster potential in Tec, Tysabri and the hemophilia franchise. Our $200 price target is DCF-based.”
Biogen Idec closed on Wednesday at $182.68.
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