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Fly News Breaks for September 21, 2017
Sep 21, 2017 | 06:03 EDT
Raymond James analyst Laura Chico downgraded BioGen to Market Perform following the latest MS survey feedback that continues to show headwinds to the franchise. The doctors surveyed anticipate Roche's Ocrevus market share will more than double from current 3% to 7.7% by Q1 2018 as many view it as a safer, more efficacious alternative versus Tysabri. The analyst said MS headwinds are not new but his derived fair value for Biogen of $329 leaves little upside to where shares currently trade.
News For BIIB From the Last 2 Days
Oct 17, 2017 | 10:43 EDT
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Biogen (BIIB) upgraded to Buy from Neutral at Mizuho with analyst Thomas Shrader saying he likes what he sees at Biogen again. 2. Prudential (PRU) upgraded to Buy from Neutral at Citi with analyst Suneet Kamath saying Prudential's current valuation does not give the company enough credit for the quality of its business mix. 3. Chevron (CVX) upgraded to Outperform from Neutral at Macquarie with analyst Iain Reid saying cost reduction efforts and new production volumes driving outstanding free cash generation, which should cover capex and the dividend at an oil price below $40/bbl from 2018 onward. 4. Energy Transfer Equity (ETE) upgraded to Buy from Neutral at Goldman Sachs with analyst Theodore Durbin saying he expects Energy Transfer Equity's above average distribution growth to be driven by an improving free cash flow profile. 5. Emerson (EMR) was upgraded to Outperform from Market Perform at Cowen and to Buy from Neutral at BofA/Merrill. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Oct 17, 2017 | 06:10 EDT
Stifel analyst Thomas Shrader upgraded Biogen to Buy and raised his price target for the shares to $415 from $300. The biopharmaceutical company closed yesterday down $1.96 to $335.68. The analyst says he likes what he sees at Biogen again. In a research note titled "MS not imploding, R&D output exploding, Investors should be Reloading," Shrader calls Ocrelizumab a "remarkable drug" that should see a "measured" commercial rollout. Spinraza will eventually be routinely paired with gene therapy while Biogen's large number of additional programs "will increasingly be worth following," the analyst contends. Further, Shrader believes aducanumab's lack of clinical holds suggest that the drug "is safe enough to be used albeit with a slow commercial ramp."
Oct 16, 2017 | 15:30 EDT
25th Anniversary Congress of the ESGCT will be held in Berlin, Germany on October 17-20.
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