Shares of Biogen Idec Inc. rose Friday on continued analyst sentiment pointing toward positive sales of the biotechnology company's multiple-sclerosis drugs.
The stock rose 82 cents, or 1.7 percent, to $50.50. Shares have traded between $45.37 and $84.75 over the last 52 weeks.
Cowen and Co. analyst Eric Schmidt reaffirmed a "Neutral" rating on the stock and said a recent panel of physicians were optimistic about Biogen's MS drugs Tysabri and Avonex.
Wall Street has remained positive on the outlook for Biogen's multiple sclerosis drug Tysabri, despite some worry over potential safety issues. In July, Biogen reported two new cases of a rare brain disease called progressive multifocal leukoencephalopathy, or PML.
Tysabri was pulled from the market in 2005 after being linked to PML, but the drug was reintroduced in mid-2006 under restricted sales conditions. About 32,000 patients are on Tysabri worldwide, with 17,800 in the U.S., and the company hopes to eventually get 100,000 patients worldwide.
"They (physicians) indicated that the new PML cases have had very little impact on Tysabri prescribing habits and believe the future incidence of PML will be in a range that is acceptable from a risk-benefit standpoint," Schmidt said in a note to investors.
The stock rose 82 cents, or 1.7 percent, to $50.50. Shares have traded between $45.37 and $84.75 over the last 52 weeks.
Cowen and Co. analyst Eric Schmidt reaffirmed a "Neutral" rating on the stock and said a recent panel of physicians were optimistic about Biogen's MS drugs Tysabri and Avonex.
Wall Street has remained positive on the outlook for Biogen's multiple sclerosis drug Tysabri, despite some worry over potential safety issues. In July, Biogen reported two new cases of a rare brain disease called progressive multifocal leukoencephalopathy, or PML.
Tysabri was pulled from the market in 2005 after being linked to PML, but the drug was reintroduced in mid-2006 under restricted sales conditions. About 32,000 patients are on Tysabri worldwide, with 17,800 in the U.S., and the company hopes to eventually get 100,000 patients worldwide.
"They (physicians) indicated that the new PML cases have had very little impact on Tysabri prescribing habits and believe the future incidence of PML will be in a range that is acceptable from a risk-benefit standpoint," Schmidt said in a note to investors.
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