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

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

By Dhirendra Tripathi

Investing.com – Biogen (NASDAQ:) 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:). Ionis shares gained by more than 3%.

The data showed benefits to patients over the long term.

Two brokerages, SVB Leerink and UBS (NYSE:), 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:) 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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