UPDATE: JP Morgan Upgrades Biogen Seeing Upside to Shares

In a report published Thursday, JP Morgan analyst Geoff Meacham upgraded Biogen Idec Inc. BIIB from Neutral to Overweight and raised the price target from $300.00 to $375.00. Meacham emphasized that Biogen's pipeline opportunities and MS survey implies an upside to shares. The analyst commented, “With respect to the MS franchise, we conducted a survey of 50 neurologists that points to upside for Tecfidera. Indeed, we have also fine tuned our MS estimates and are above consensus for Tecfidera, which is the key near-term commercial driver.” Shares of Biogen Idec closed at $308.81. The stock is currently up 2 percent in Thursday's premarket trading.