Biogen Sees Positive Drug Study Results
Shares of Biogen were higher on Monday after the biotech company and Ionis Pharmaceuticals said their Phase 3 trial of its spinal muscular atrophy drug met its primary endpoint.
Shares of Biogen (BIIB) - Get Report were higher on Monday after the biotech company and Ionis Pharmaceuticals said their Phase 3 trial of its spinal muscular atrophy drug met its primary endpoint. The companies said the children who received Spinraza saw a highly statistically significant improvement in motor function compared to those who did not receive treatment. Biogen is preparing to launch Spinraza as early as the end of 2016.
Meanwhile, Piper Jaffray upgraded the rating on the shares to Overweight from Neutral and established a price target of $335 as the firm sees a reasonable entry for the company's Alzheimer's and spinal muscular atrophy franchises.
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