UPDATE: Morgan Stanley Reiterates On Biogen Idec As Positive RPC1063 Data Poses Threat To Tecfidera
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
|Nov 2016||Mizuho||Initiates Coverage On||Neutral|
|Nov 2016||Leerink Swann||Upgrades||Market Perform||Outperform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.