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Biotech / Medical : Biogen -- Ignore unavailable to you. Want to Upgrade?

To: SDR-SI who wrote (742)	9/22/1998 10:43:00 AM
From: SDR-SI	Read Replies (1) \| Respond to of 1686

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