UPDATE: Bank of America Raises PT on Biogen Idec Following Tecfidera Approval

In a report published Thursday, Bank of America analyst Rachel McMinn reiterated a Neutral rating on Biogen Idec

, and raised the price target from $182.00 to $187.00. In the report, McMinn noted, “The FDA approved Tecfidera today, BIIB's oral multiple sclerosis drug. The product label is extremely favorable, with almost no warnings/precautions on the front page, with the exception of lymphopenia requiring baseline and annual monitoring requirements. Investors had been worried about requirements for renal monitoring based on preclinical renal toxicities, but the only description of renal toxicity is in the preclinical animal section of the label. While we expect some cautiousness from the MS prescribing community for any new drug, the Tecfidera label should enable positive early discussions with future prescribers.” Biogen Idec closed on Wednesday at $182.68.