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Fly News Breaks for July 22, 2016
BIIB
Jul 22, 2016 | 09:00 EDT
Leerink analyst Geoffrey Porges raised his price target for Biogen to $360 from $319 after the company released Q2 results. Biogen also announced its CEO George Scangos retirement, which means that three out of four of the company's most senior executives have turned over in the last 12 months, the analyst noted, adding that investors will likely wonder whether this transition is "by accident or design," and whether it might presage an auction or merger in the near future. Leerink has a Market Perform on the shares.
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