Biogen Investors: Active Ingredient In Patient Death Is Not Changing BofA's Forecast

Bank of America commented on Biogen Inc BIIB Wednesday following the death of a patient due to fatal progressive multifocal leukoencephalopathy (PML) that was linked to dimethyl fumarate (DMF).

Dimethyl fumarate is the active ingredient in Biogen’s multiple sclerosis drug, Tecfidera. A woman who took dimethyl fumarate died of a rare brain infection linked to the ingredient, as reported by the Boston Business Journal.

The death, however, was not directly linked to Biogen and Tecfidera.

Analysts led by Ying Huang said that the patient’s “leukocyte and lymphocyte counts were normal prior to initiating DMF treatment; however, lymphocyte counts were not reported for over a year after initiating treatment, suggesting that lymphocytopenia could have developed that time period.”

The analysts noted that there were uncertainties regarding the link between PML and DMF and that it remained “to be seen whether this case will cause more concerns among physicians who prescribe Tecfidera.”

The firm maintained a Neutral rating on the stock and a $469 price target.

Biogen recently traded at $421.43, down 0.92 percent.