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Fly News Breaks for March 20, 2015
BIIB
Mar 20, 2015 | 08:42 EDT
Piper Jaffray analyst Joshua Schimmer raised his price target for Biogen shares to $500 saying today’s BIIB037 Phase I results in patients with Alzheimer's were "robust and impressive." Schimmer believes the trial showed a "consistent and dramatic" dose effect on both radiographic and clinical disease features. He thinks the side effects "pale in comparison" to the drug’s efficacy. Schimmer keeps an Overweight rating on Biogen. Shares of the drug maker are up 8%, or $34.35, to $468 in pre-market trading following today's study results. Barclays this morning also raised its price target for Biogen shares to $500.
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