NEW YORK (TheStreet) -- Biogen Idec (BIIB) shares are up 0.6% to $344.44 on Monday after the FDA approved the company's new treatment for patients with relapsing forms of multiple sclerosis.
The treatment, Plegridy, was approved following a two year Phase 3 placebo controlled study involving 1,500 MS patients, some of whom were given the drug during the second year of the study after receiving the placebo during the first year.
The new treatment is the long-acting version of Biogen's older drug, Avonex, and can be injected once every two weeks instead of weekly.
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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 no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."