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Fly News Breaks for January 27, 2016
BIIB
Jan 27, 2016 | 10:42 EDT
Piper Jaffray analyst Joshua Schimmer lowered his price target for Biogen to $293 following the company's Q4 results and keeps a Neutral on the name. The analyst remains on the sidelines with respect to the shares despite his belief that the company will likely post 15% earnings growth in 2016, well above its 8%-9% guidance. Biogen's late-stage pipeline is highly speculative and Tecfidera's intellectual property is much more vulnerable to generics than investors appreciate, Schimmer tells investors in a post-earnings research note.
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