UPDATE: Morgan Stanley Reiterates Overweight Rating, Removes PT on Biogen Idec Following Plegridy Approval

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In a report published Monday, Morgan Stanley analyst Matthew Harrison reiterated an Overweight rating on
Biogen IdecBIIB
, but removed the $395.00 price target. In the report, Morgan Stanley noted, “Friday's approval was in-line with expectations following a 3 month PDUFA date extension. The label appears consistent with Avonex. Both drugs demonstrated similar annualized relapse rates (ARR) vs placebo, ~30-34% for Avonex and 36% for Plegridy, but Plegridy is dosed every two weeks while Avonex is dosed weekly. The monthly dose of Plegridy achieved a lower ARR (~28%) and is not labeled, though it may be used off-label for certain patients.” Biogen Idec closed on Friday at $342.47.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsMatthew HarrisonMorgan Stanley
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