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UPDATE: Goldman Sachs Raises PT on Biogen Idec on Tecfidera Approval

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IBD Rating Upgrades: Biogen Shows Improved Price Strength (Investor's Business Daily)

In a report published Thursday, Goldman Sachs analyst Terence Flynn reiterated a Conviction List Buy rating on Biogen Idec (NASDAQ: BIIB), and raised the price target from $190.00 to $211.00.

In the report, Flynn noted, “Today the FDA approved BIIB's key pipeline drug, Tecfidera (BG-12) for multiple sclerosis (MS), in line with our expectations. More importantly the drug's label was very clean (no black box) with minimal monitoring requirements (white blood cells). Based on the results of our recent physician survey we do not expect any impact to physician prescribing patterns. BIIB elected not to disclose pricing, but we expect to learn this next week once drug is shipped into the channel. Companies typically disclose drug pricing upon approval, therefore given BIIB's decision our take is that the pricing is likely on the higher end of expectations, but still below NVS's Gilenya ($4,635 per month).”

Biogen Idec closed on Wednesday at $182.68.

Latest Ratings for BIIB

DateFirmActionFromTo
Nov 2017OppenheimerInitiates Coverage OnOutperform
Nov 2017BMO CapitalMaintainsOutperform
Oct 2017Canaccord GenuityInitiates Coverage OnHold

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