Piper Jaffray analyst Joshua Schimmer lowered his price target for Biogen (BIIB) to $307 saying challenges remain following the company's "strong" Q3 results and raised outlook. The analyst is increasingly concerned about Tecfidera's patent estate and thinks the Street is underestimating Biogen's generic risks. Roche's (RHHBY) ocrelizumab could damage Tysabri and potentially the rest of Biogen's multiple sclerosis franchise, Schimmer tells investors in a post-earnings research note. He reiterates a Neutral rating on the stock.

Genentech, a member of the Roche Group, announced that the U.S. Food and Drug Administration has approved Alecensa for adjuvant treatment following tumor resection for patients with anaplastic lymphoma kinase-positive non-small cell lung cancer, as detected by an FDA-approved test. Alecensa is now the first and only ALK inhibitor approved for people with ALK-positive early-stage NSCLC who have undergone surgery to remove their tumor. "With an unprecedented 76% reduction in the risk of disease recurrence or death versus chemotherapy, Alecensa significantly improves upon the standard of care for people with early-stage ALK-positive lung cancer," said Levi Garraway, M.D., Ph.D., chief medical officer and head of Global Product Development. "At Genentech, our goal is to give patients the best chance of cure by bringing effective, targeted treatments to early-stage disease before their cancer has spread. This approval brings us one step closer to achieving that mission."