Bank of America Reiterates $116 PO on Biogen

Bank of America is reiterating its $116 price objective on shares of Biogen BIIB. “Our report today outlines analyses that support a strong competitive profile for BIIB's late stage oral multiple sclerosis drug candidate BG-12, and we reiterate our $116 PO ahead of key data catalysts this fall,” Bank of America writes. “BIIB shares have lost ground as investors are concerned that detailed Phase 3 data and/or a second Phase 3 data will not live up to expectations. “Our analysis suggests that BG-12 may have one of the best oral multiple sclerosis profiles and prove longer term an alternative to current standard injectable therapy. Thus, we continue to believe BG-12 should have an important role in front-line multiple sclerosis treatment (est 15 20% peak market share).” Biogen closed Monday at $91.78.