Jefferies Maintains Rating, PT On BIIB

Jefferies, in light of positives portrayed in meetings with the company's management, is maintaining its Buy rating and its $120 price target on Biogen Idec BIIB. Says Jefferies, in its report, “We had an opportunity to meet with the BIIB senior management team, who provided positive updates to investors on BG-12, Tysabri, Avonex, and other pipeline programs. We continue to believe that investors have underestimated the potential for BIIB's MS franchise to outperform, driven by Tysabri and BG-12.” BIIB closed at $98.65 yesterday.