"At the CONFIRM ph.III data presentation, the lead investigator specifically noted that while there have been some malignancies observed in the 1,700 patients followed in the long-term ph.III extension phase, there does not appear to be any increase in the risk of cancer vs. what would be expected in this patient population," Wells Fargo analysts wrote in a report Wednesday. "We believe this should substantially reduce any lingering concerns about the theoretical risk of malignancy with BG-12, and removes one of the overhangs on the program as BIIB moves through the FDA and EMA review processes."Shares of Biogen Idec hit a 52-week high of $130.81 on Wednesday. The stock's 52-week low of $83.83 was set on Aug. 9. Biogen Idec has a forward P/E of 18.45; the average for biotechnology companies is 29.93. For comparison, Amgen (AMGN) has a lower forward P/E of 10.24. Twenty-one of the 30 analysts who cover Biogen Idec rated it buy; nine analysts gave the stock a hold rating. TheStreet Ratings gives Biogen Idec an A grade with a buy rating and $165.31 price target. The stock has risen 17.72% year to date.
Madison Square Garden "We remain constructive but Neutral on MSG shares, as positive catalyst potential over the NT appears limited to the Knicks and Rangers' ability to advance to second round playoffs followed by a fairly quiet summertime closure of The Garden, thus limiting 2012E upside," Bank of America Merrill Lynch analysts wrote in an April 2 report. Shares of Madison Square Garden hit a 52-week high Wednesday of $35.49. The stock's 52-week low of $21.12 was set on Oct. 4. Madison Square Garden's forward P/E is 26.56; the average for recreation services companies is 15.59. For comparison, International Speedway (ISCA) has a lower forward P/E of 14.28. Analysts were split on Madison Square Garden with five giving it a buy rating, another five rating it hold and one analyst giving Madison Square Garden a sell rating. TheStreet Ratings gives Madison Square Garden a C grade and hold rating. The stock has risen 24.04% year to date.