Finally, biotech powerhouse Biogen Idec Inc. (NASDAQ:BIIB) advanced 2.6%, after receiving an upgrade from Citigroup Inc. (NYSE:C) to “buy” from “neutral,” and seeing its price target rise to $187 from $160. Earlier this week, Biogen agreed to pay Elan Corporation, plc (ADR) (NYSE:ELN) $3.25 billion for the full rights to multiple sclerosis drug Tysabri. Citi analyst Yaron Werber cited the expectation that Biogen will dominate the MS market, as well as the possible approval of Tecfidera, an all-oral MS drug, which could reach sales in excess of $4.2 billion by 2020 according to his estimates, as reasons for the upgrade. It’s really hard to argue against Werber’s analysis with Tysabri and Avonex providing such consistent gains for Biogen Idec already.
The article Today’s 3 Best Stocks originally appeared on Fool.com and is written by Sean Williams.
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