Biogen price target raised to $397 from $392 at Stifel

Stifel analyst Paul Matteis raised his price target for Biogen to $397 from $392 after the company reported quarterly results. The analyst notes that the Multiple Sclerosis business – not including Ocrevus royalties – ended 2018 slightly down, and he expects to see a continued trend of flat-to-moderately compressing sales over the next year. Spinraza miss a “small disappointment,” but patient adds seem strong, he contends, adding that prior experience with the U.S. launch cadence assuages most of his concerns. Additionally, Matteis believes that antisense oligo programs in Amyotrophic Lateral Sclerosis continue to look interesting. The analyst reiterates a Buy rating on the shares
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