Biogen Rises On Upgrades, Findings Of Trial In Spinal Muscular Atrophy

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Biogen Rises On Upgrades, Findings Of Trial In Spinal Muscular Atrophy
Credit: © Reuters.

By Dhirendra Tripathi

Investing.com – Biogen (NASDAQ: BIIB ) shares rose 4% Thursday following two upgrades as well as new findings showing benefits from a higher dose of a medicine it makes to treat patients suffering from spinal muscular atrophy.

Biogen licensed the global rights to develop, manufacture and commercialize the medicine, Spinraza, from Ionis Pharmaceuticals (NASDAQ: IONS ). Ionis shares gained by more than 3%.

The data showed benefits to patients over the long term.

Two brokerages, SVB Leerink and UBS (NYSE: UBS ), upgraded the stock to a ‘buy’ on the same day.

SVB Leerink has kept its target for the stock at $475, 12.5% from the stock’s current level of $422. UBS’s $463 target is 9.7% more from the prevailing price.

Biogen made headlines Monday (NASDAQ: MNDY ) when its aducanumab became the first medicine in 18 years to secure U.S. Food and Drug Administration’s authorization to treat Alzheimer’s.

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