Jefferies Reiterates Buy on Biogen Idec

Jefferies reiterated its Buy rating on Biogen Idec (NASDAQ: BIIB) after a meeting with a leading multiple sclerosis expert. In a research report published today, Jefferies stressed that the expert believes some of Biogen's products will perform very well.

In the report, Jefferies states, "We had an opportunity to host a dinner with a key opinion leader in multiple sclerosis (MS) who was particularly bullish on Tysabri prospects, cautiously optimistic on oral MS drugs and BG12 and positive on the prospects for daclizumab. We continue to believe that investors have underestimated the potential for BIIB's MS franchise to outperform."

At the moment, Jefferies has a price target of $120 on the company's stock. On Tuesday, Biogen added 1.63% to its value to close the day at $94.73.