Market Overview

UPDATE: Morgan Stanley Reiterates On Biogen Idec As Positive RPC1063 Data Poses Threat To Tecfidera

Share:
Related BIIB
Reasons To Be Optimistic On Biogen's Alzheimer's Treatment Prospects
The Market In 5 Minutes: Black Friday Closes Shortened Trading Week
John Paulson's Largest 'rd Quarter Trades (GuruFocus)

In a report published Tuesday, Morgan Stanley analyst Matthew Harrison reiterated an Overweight rating on Biogen Idec (NASDAQ: BIIB), but removed the $395.00 price target.

In the report, Morgan Stanley noted, “RPC1063 is an oral S1P1 receptor modulator (same as Novartis' Gilenya) which could compete with Biogen's Tecfidera. Receptos mgt. reported an 86% decline in cumulative gadolinium-enhancing lesions compared to pbo. On safety, first dose heart rate reductions were <2 bpm (mean max) and no pt dropped below 45 bpm (first dose cardiac effects are a key issue with Gilenya) and the hepatic profile was described as favorable as compared to Gilenya (we expect details at ECTRIMS in the fall). Receptos' PhIII trial (RPC1063 vs Avonex, 1,200 RRMS pts) is ongoing with reduction in annualized rate of relapse (ARR) at 24 months as the primary endpoint.”

Biogen Idec closed on Monday at $318.16.

Latest Ratings for BIIB

DateFirmActionFromTo
Nov 2016MizuhoInitiates Coverage OnNeutral
Nov 2016Leerink SwannUpgradesMarket PerformOutperform
Nov 2016PiperJaffrayUpgradesNeutralOverweight

View More Analyst Ratings for BIIB
View the Latest Analyst Ratings

Posted-In: Matthew Harrison Morgan StanleyAnalyst Color Price Target Analyst Ratings

 

Related Articles (BIIB)

View Comments and Join the Discussion!