NEW YORK (TheStreet) -- Biogen Idec (BIIB - Get Report) dropped on Friday as the biotech sector sagged amid controversy tied to Gilead Sciences' (GILD - Get Report) hepatitis C drug Sovaldi, which has been priced at $1,000 a day.
The drop comes despite news that Health Canada has approved Biogen Idec's ALPROLIX [Coagulation Factor IX (Recombinant), Fc Fusion Protein] for the prevention and management of bleeding and prophylaxis in adults and children aged 12 and older with hemophilia B. This marks the first approved, long-acting hemophilia B therapy and is indicated to eliminate or decrease the occurrence of bleeding episodes with prophylactic infusions, which would start once weekly to once every 10 to 14 days.
This also marks the first regulatory approval worldwide for ALPROLIX, which is currently under review by regulatory bodies in other nations, including the U.S., Japan and Australia.
In other biotech news, the U.S. Food and Drug Administration announced it had approved Celgene's (CELG - Get Report) drug Otezla (apremilast) to treat adults with active psoriatic arthritis (PsA), a form of arthritis that affects some people with psoriasis.
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TheStreet Ratings team rates BIOGEN IDEC INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate BIOGEN IDEC INC (BIIB) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, reasonable valuation levels and solid stock price performance. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."