Barclays Raises Biogen Forecasts After Physician Survey

Barclays on Wednesday issued a report highlighting

after they conducted a global multiple sclerosis (MS) survey of 49 neurologists. Barclays rates Biogen as Overweight with a $500 price target. Analyst Geoff Meacham wrote, "Overall, our survey implies upside to near-term Tecfidera sales, particularly in the EU, and share gains for Plegridy...Combined with de-risking data later this year for BIIB037 in Alzheimer's, anti-LINGO in AON and Tysabri in SPMS, we still see a favorable risk/reward for BIIB shares." The doctors surveyed expect Tecfidera global market share to increase to 13 percent in 12 months from 9 percent currently, with expectations for a larger increase in Europe compared to the U.S. Biogen currently has multiple drugs in its pipeline, including Tysabri which 57 percent of the physicians expect to be effective in SPMS. This drug, if brought to market, is forecasted to bring over $4 billion in sales. Shares of Biogen closed Tuesday at $422.24.