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Credit Suisse Previews Biogen, Says 'Consensus Tecfidera Downgrades = Pipeline Buying Opportunity'

By Insider Scoop
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Courtesy of Benzinga.

Related BIIB
Earnings Scheduled For January 29, 2015
Earnings Scheduled For January 28, 2015
Notable earnings after Thursday's close (Seeking Alpha)

Credit Suisse on Thursday previewed Biogen Idec Inc (NASDAQ: BIIB) ahead of its fourth-quarter results. Biogen is rated as Outperform with a $400 price target.

In the report, analyst Ravi Mehrota wrote, "Consensus numbers for Tecfidera, in particular longer term > 2017 revenue estimates, have crept up to "sanity check" testing levels and are likely to come down. This could be catalyzed as early as post-market today by Q4 results. In our view, any resulting near-term stock weakness should be used as a buying opportunity as the BIIB pipeline/domain domination theme continues to escalate."

Biogen's deep pipeline allows it to trade at a premium above comparable biotech companies, as earnings estimates do not properly predict the potential of the pipeline, Mehrota argues. However he cautions that, "Fourth quarter results may act as a "course-correction" catalyst for consensus estimates."

Biogen closed Wednesday at 351.18, down 1.87 percent.

Latest Ratings for BIIB

Date Firm Action From To
Jan 2015 Barclays Initiates Coverage on Overweight
Jan 2015 Nomura Downgrades Buy Neutral
Nov 2014 Credit Suisse Maintains Outperform

View More Analyst Ratings for BIIB
View the Latest Analyst Ratings

Posted-In: Credit Suisse Ravi MehrotaAnalyst Color Analyst Ratings

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