another one, william. fwiw ...
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RESEARCH ALERT - Biogen begun at buy
July 28, 1999 07:01 PM
CHICAGO, July 28 (Reuters) - Gruntal & Co. said Wednesday that it initiated coverage of drug maker Biogen Inc. with a buy rating, saying the market is underestimating the potential of two of the drugs being developed.
"We see a potential broadening of the product base to generate $1 billion from the potential blockbusters, Amevive and Antova, advancing in the research pipeline," Gruntal said in a research report.
Amevive is a potential psoriasis treatment and Antova is an immunomodulator.
The 12-month price target for Cambridge, Mass.-based Biogen is $83, Gruntal said. The earnings estimate for 1999 is $1.36, up from $0.90 in 1998, Gruntal said.
Biogen shares added 1/2 to 69-15/16.
"Biogen is a rare biotechnology company that has successfully developed and delivered valuable product to the market and is generating a rapid stream of profits," Gruntal said. "Moreover, a rich pipeline should propel growth for years to come." |
