Piper says Biogen weakness on Tecfidera patent concerns a buying opportunity

Piper Jaffray analyst Christopher Raymond attributes today’s weakness in Biogen (BIIB) shares to a competitor’s research note that raised concerns about Mylan’s (MYL) IPR challenge of Tecfidera’s ‘514 dosing patent. While acknowledging that a worst case scenario does remove about $50 per share from his sum-of-the-parts valuation for Biogen, Raymond said his read of the current case, along with the fact that the ‘514 patent previously survived Forward Pharma’s 2014 interference claim and Hayman Capital’s IPR in 2015, lead him to view such scenario as “very low probability.” The analyst, who views the weakness as a buying opportunity, keeps an Overweight rating and $400 price target on Biogen shares, which are down 7% to $291.31 in afternoon trading.
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