Biogen's stock surges after Morgan Stanley boosts rating, price target
Shares of Biogen Inc. (BIIB) ran up 3.4% in morning trade Thursday, enough to make it the third-biggest gainer within the S&P 500 , after the biotechnology company was upgraded at Morgan Stanley, which cited the belief that the base business was proving "more durable" than expected. Analyst Matthew Harrison raised his rating to overweight, after being at equal weight since March, and boosted his stock price target to $375 from $311. Harrison said the market share loss of Biogen's hepatitis B treatment Ocrevus has been slower than expected, and he believes its spinal muscular atrophy treatment Spinraza has potential to become a $4 billion asset. He believes Alzheimer's therapies are a "must-own" catalyst, and Biogen has several therapies in development. The stock has surged 17% over the past three months, while the iShares Nasdaq Biotechnology ETF (IBB) has climbed 8.0% and the S&P 500 has gained 4.5%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
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