Deutsche Bank Analyst Talks Up Biogen On CNBC; Stock Responds Slightly
Biogen Idec (NASDAQ: BIIB) moved up a bit after a Deutsche Bank analyst on Wednesday talked up prospects for one of its multiple sclerosis drug candidate.
If the drug gets marketing approval "the stock could move up by $30 to $100 in a single day, by the end of this year," Deutsche's Robyn Karnauskas said on CNBC's Fast Money.
Karnauskas said Street expectations are low yet the drug "could stop the progression of MS, not just slow it down."
But as to which of Biogen's four drug candidates for multiple sclerosis it may be, Karnauskas didn't say. These include Plegridy, daclizumab, EFNS/ENS and Anti-LINGO-1.
Perhaps the most advanced toward marketing approval is daclizumab, which cleared a key hurdle with the Food and Drug Administration last month and could hit the market in 2016. Previously published estimates put its potential annual sales at $256 million.
Biogen is developing the drug in partnership with AbbVie.
Biogen traded recently at $318.62 a share, up 0.32 percent.
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