Biogen Idec already has a substantial lead over just about every other company producing multiple sclerosis drugs. Today’s reported approval is on TECFIDERA as a treatment for adults with relapsing MS. The press release confirmed that TECFIDERA was approved as a first-line oral treatment for MS.
Shares were already higher along with a strong market and along with positive drug news about a drug today. One word of caution is that Biogen is trading above its consensus price target from Wall St. analysts. That consensus target from Thomson Reuters has a one-year target at just over $175.00. After looking at the news, investors should probably expect that price target will likely be raised after the positive drug data and with a new FDA approval under its belt.
The news all-time high is now $184.17 and the stock closed up over 3% at $182.68. We would note that analysts have chased this and other biotech stocks up and up as the target price before the end of 2012 was all the way down at $158.50.
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