Cowen Maintains Outperform On Biogen Following Phase I Results Of BIIB037
Cowen analyst Eric Schmidt maintained an Outperform rating on Biogen Idec (NASDAQ:BIIB) with a price target of $389, after the company reported positive interim results from an early-stage study of an Alzheimer’s disease drug.
Schmidt observed, “With the caveat that AD is a very risky indication for drug development, and that questions remain regarding the causative role of amyloid beta in this disease, we find these results highly encouraging. Based upon our discussions with management, Biogen Idec has not made the decision to move forward into a Phase III trial lightly.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Eric Schmidt has a total average return of 28.9% and a 70.3% success rate. Schmidt has a -3.3% average return when recommending BIIB, and is ranked #96 out of 3391 analysts.