A POSITIVE RESEARCH BULLETIN:
> > > RESEARCH ALERT-Biogen (NASDAQ:BGEN) 1998 EPS view lifted
Reuters, Tuesday, September 22, 1998 at 10:25
NEW YORK, Sept 22 (Reuters) - Morgan Stanley said it
expects Biogen Inc. to earn a nickel more than it previously
forecast in 1998 due to strong sales of its multiple sclerosis
drug, Avonex.
-- Shares rose 1-1/4 to 67-7/8, and touched a new 52-week
high of 68-1/8 in early trading on Tuesday.
-- Biogen shares, which had been slumping through much of
the summer, have rallied nearly 40 percent over the past three
weeks, "thanks to increasing confidence in strong trends
related to Avonex revenues," said Morgan Stanley in its
research note.
-- Biogen remains rated outperform, Morgan Stanley said,
given upward pressure on Street estimates, no Asian exposure,
and the fact that drugs remain a defensive play.
-- 1999 numbers remain unchanged at $2.40 a share, although
Morgan Stanley said its analyst believes multiple expansion to
30 times is possible.
-- The price target for Biogen is now $73.
Copyright 1998, Reuters News Service < < <
Steve |
