In a report published Tuesday, Morgan Stanley analyst Matthew Harrison reiterated an Overweight rating on Biogen Idec BIIB, but removed the $395.00 price target.
In the report, Morgan Stanley noted, “RPC1063 is an oral S1P1 receptor modulator (same as Novartis' Gilenya) which could compete with Biogen's Tecfidera. Receptos mgt. reported an 86% decline in cumulative gadolinium-enhancing lesions compared to pbo. On safety, first dose heart rate reductions were <2 bpm (mean max) and no pt dropped below 45 bpm (first dose cardiac effects are a key issue with Gilenya) and the hepatic profile was described as favorable as compared to Gilenya (we expect details at ECTRIMS in the fall). Receptos' PhIII trial (RPC1063 vs Avonex, 1,200 RRMS pts) is ongoing with reduction in annualized rate of relapse (ARR) at 24 months as the primary endpoint.”
Biogen Idec closed on Monday at $318.16.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in