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Fly News Breaks for July 2, 2015
AGTC, BIIB
Jul 2, 2015 | 11:19 EDT
Piper Jaffray analyst Joshua Schimmer says he's not sure why Biogen (BIIB) felt a need to enter the ophthalmology space via its collaboration today with Applied Genetic (AGTC). While gene therapy is likely to become an important driver of the biotech industry in the coming years, Biogen may be not fully appreciating the complexity of vector and delivery technology, Schimmer tells investors in a research note. He believes Biogen still needs to improve its pipeline and growth outlook. Nonetheless, the analyst keeps an Overweight rating on the stock with a $485 price target. Shares are down $1.53 to $403.88 in late morning trading while Applied Genetic is up $2.38 to $18.64.
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