Stifel Downgrades Biogen Amid Concerns Of Lack Of Upcoming Data, Overvaluation

Stifel issued a report on Monday downgrading

from Buy to Hold as definitive clinical data for its main drug BIIB037 is years away. Stifel has a $451 price target on Biogen shares. Analyst Thomas Shrader wrote, "...as we enter a somewhat quiet time for the BIIB037 and anti-LINGO programs the company still doesn't seem to have addressed the 514 pound gorilla in the room: the Tecfidera patent issues and the potential that an interference proceeding could be declared any day." Stifel believes that Biogen's dose exploration is not complete and that it is unlikely that we will have pivotal data before 2018. In clinical trials of which data was released on Friday, Biogen only enrolled patients that had clearly defined A# plaque as revealed by PET imaging which greatly helped their tight dose response for the drug BIIB037. Biogen Idec closed Friday at $475.98.