Biogen traded down yesterday on 'not new' concerns, says Mizuho
Mizuho analyst Salim Syed attributes the selloff yesterday in shares of Biogen to "not new" and "simply re-surfaced" concerns of the Tecfidera inter partes review and Crenzumab's upcoming futility test. While these are both risks to Biogen, it is important to keep these two risks in perspective, Syed tells investors in a research note. Based on "actual, empirical data," there is only a 19% chance that Biogen's '514 patent is ruled unpatentable, says the analyst. And regarding the upcoming Roche/AC Immune Crenezumab futility analysis, Syed is "skeptical" to draw much read-through to Biogen's Aducanumab. The analyst keeps a Buy rating on Biogen with a $313 price target.