Company

Bank

Analyst

Coverage

Opinion

Wk chg

7/13 cls

Biogen Idec Inc. (NASDAQ:BIIB)

Stifel Nicolaus Weisel

Joel Sendek

Price target

Buy

2%

$144.61

Sendek raised his target to $167 from $144 on continued weakness for competing multiple sclerosis drug Gilenya fingolimod from Novartis AG (NYSE:NVS; SIX:NOVN), which he believes increases the market potential for Biogen Idec's MS candidate BG-12. In April, both EMA and FDA updated Gilenya's label to include cardiovascular-related warnings. Sendek said neurologists are avoiding starting patients on Gilenya, and he believes "lingering" concerns may also prompt Gilenya patients to switch to BG-12. He now estimates $3B in 2015 sales for BG-12, up from $2.7B. The oral dimethyl fumarate that activates the NF-E2-related factor 2 (Nrf2) pathway is under review in the EU and U.S., with a PDUFA date around year end.