Citigroup Maintains Neutral on Biogen Idec After Analyst Meeting

Citigroup has published a research report on Biogen Idec BIIB after the company hosted an analyst meeting this morning. In the report, Citigroup writes, "Our main conclusion is that the fundamentals are solid and mgt is optimistic about dexpramipexole and hemophilia. Both ph 3 data will be released late this year. ALS can offer substantial upside if successful. We believe that the hemophilia programs will be successful. Near-term there are early signs that we are getting closer to the end of the massive annual price increases in the MS market for interferons. But BG-12 is highly differentiated so it should support a high price point. Also the MS business globally continues to show solid growth and we believe that this is sustainable. 2012 is shaping up to be a good year for the stock." Citigroup maintains its Neutral rating and $124 price target on Biogen Idec, which is currently trading up $1.11 from yesterday's $114.88 closing price.