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

To: William Partmann who wrote (992)	6/1/1999 6:25:00 PM
From: William Partmann	Respond to of 1686

Upgrade ------------------ biz.yahoo.com ------------------ NEW YORK, June 1 (Reuters) - ABN-AMRO Inc drug analyst James Keeney on Tuesday said he had initiated coverage of Massachusetts biotech company Biogen Inc (Nasdaq:BGEN - news) with a buy rating and a one-year target price of $146 per share. -- Said price target was calculated on basis of a share price 45 times predicted diluted per-share earnings of $3.25 for Biogen in 2000, with earnings growth fueled by quickly expanding global sales of its multiple sclerosis drug Avonex. -- Said Avonex sales likely to grow 47 percent to $581 million in 1999 and by 32 percent to $765 million next year. -- Said believed Biogen earnings per-share would grow ''at an attractive 17-21 percent rate'' in 2001 and 2002, helped by the expected launch of the company's second and third self-marketed products -- Amevive for psoriasis and Antova for autoimmune disorders. -- Biogen closed down $1.06 to $108.06 Tuesday on the Nasdaq.