Biogen Idec Shares Jump on Upgrades

Biogen Idec (BIIB Quote) shares got a lift on Monday after receiving two upgrades.

Shares added $3.73, or 8.8%, to $46.28 as Robert Baird & Co. increased its rating for the stock to outperform from neutral. Deutsche Bank analysts also lifted their rating.

"We are upgrading shares of [Biogen Idec] from hold to buy because we now believe the longer term risk/reward is heavily skewed to the upside," wrote Deutsche Bank analyst Mark Schoenebaum in a note to investors. "Although the stock may take time to work, we believe upside could approximate +15% to 40%, while sustainable downside is likely limited to about 10%."

The upgrades come a week after a new case of a brain infection in a multiple sclerosis patient taking Tysabri pushed the stock to lows of less than $40 a share.

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