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UPDATE: Goldman Sachs Raises PT on Biogen Idec on Tecfidera Approval

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In a report published Thursday, Goldman Sachs analyst Terence Flynn reiterated a Conviction List Buy rating on Biogen Idec (NASDAQ: BIIB), and raised the price target from $190.00 to $211.00.

In the report, Flynn noted, “Today the FDA approved BIIB's key pipeline drug, Tecfidera (BG-12) for multiple sclerosis (MS), in line with our expectations. More importantly the drug's label was very clean (no black box) with minimal monitoring requirements (white blood cells). Based on the results of our recent physician survey we do not expect any impact to physician prescribing patterns. BIIB elected not to disclose pricing, but we expect to learn this next week once drug is shipped into the channel. Companies typically disclose drug pricing upon approval, therefore given BIIB's decision our take is that the pricing is likely on the higher end of expectations, but still below NVS's Gilenya ($4,635 per month).”

Biogen Idec closed on Wednesday at $182.68.

Latest Ratings for BIIB

DateFirmActionFromTo
Feb 2015Leerink SwannMaintainsOutperform
Jan 2015CitigroupMaintainsBuy
Jan 2015BarclaysMaintainsOverweight

View More Analyst Ratings for BIIB
View the Latest Analyst Ratings

Posted-In: Goldman SachsAnalyst Color Price Target Analyst Ratings

 

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