After Biogen (BIIB) announced the submission of an NDA for diroximel fumarate, or BIIB098, Piper Jaffray analyst Christopher Raymond said he thinks investor sentiment largely overlooks the opportunity and that many discount it as "a Tecfidera IP play." However, he thinks BIIB098 could be "a pretty big deal" for Biogen's MS business as he believes the side effect profile improves measurably upon that of Tecfidera. Raymond, who contends that approval of this agent, which he notes is in-licensed from Alkermes (ALKS), could meaningfully reinvigorate Biogen's oral fumarate franchise, keeps an Overweight rating on Biogen shares.