Biogen (BIIB) could add another $1 billion in 2017 sales if its myotonic dystrophy drug in partnership with Ionis Pharmaceuticals (IONS) garners strong phase 1 and 2 data by year’s end, says RBC analyst Michael Yee.
Yee boosted his price target on Biogen stock to 375 from 300, and kept his outperform rating. The previous 300 price target was undervalued with potential catalysts like M&A, a boost from Eli Lilly’s (LLY) Alzheimer’s drug and a growing pipeline, he wrote in a research report.
