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Biogen: shares driven by string of positive comments

(CercleFinance.com) - Shares in US biotech company Biogen jumped on Wednesday after Credit Suisse upgraded its rating on the stock from "neutral" to "outperform.

Credit Suisse said a significant turnaround is now underway for the drugmaker with top-notch management back in place to execute commercially and clinically.

"In the near term, we see unappreciated value from various Phase 2 pipeline readouts where investor expectations are low," the broker added.

It also raised its target price for the share from 321 dollars to 385 dollars.

The move comes after the company yesterday entered into a new collaboration deal with Ionis to identify novel therapies for the treatment of spinal muscular atrophy.

Saying that the group's franchise in SMA is already off to a "solid start" with Spinraza, analysts at Canaccord Genuity today maintained their "hold" rating on the shares, with a target price of 340 dollars.

The Biogen Nasdaq-listed share was up over 2% at 333.6 dollars in early morning trading today.

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