UPDATE: Stifel Reiterates on Biogen Idec Following Hemophilia Survey

In a report published Wednesday, Stifel analyst Joel Sendek reiterated a Buy rating on

, and raised the price target from $360.00 to $376.00. In the report, Stifel noted, “Baxter successfully transitioned patients from their 1st generation to their 3rd generation factor VIII product based on an incremental improvement in product profile, which we view as an indicator of market willingness to switch therapies such as to a long-acting factor VIII. Long-acting factor VIII could expand prophylactic prescribing (and market size) due to increased convenience easing its practicality (short-acting factor VIII is every 2-3 days versus every 3-7 days for Eloctate). "There is significant room for the hemophilia A market to grow based on a low percentage (~25-30% WW) of patients currently treated prophylactically and generate more revenue per patient. Prophylactic treatment prevents joint damage which is an attractive marketing message to couple with the convenience story of long-acting factor VIII. Eloctate should gain first mover advantage in a new era of long-acting factor VIII products. "Several long-acting product launches over the next two-years should create marketing synergy for the long-acting class driving patient conversion away from current short-acting products. We note high awareness and patient anticipation of long-acting factor VIII.” Biogen Idec closed on Tuesday at $351.94.