UPDATE: Citadel Securities Initiates Coverage on Biogen Idec

Citadel Securities has published a report on Biogen Idec Inc (NASDAQ: BIIB) intiating coverage on the biotech company.

In the report, Citadel Securities wrote, "Biogen's hemophilia pipeline may provide an additional high-margin growth driver, in our view, although we await final data expected in 2012. Biogen is testing long-acting drugs designed to reduce transfusion burden for both Hemophilia A and B. Importantly, incremental patient gains are meaningful in this market due to an annual cost of therapy that may approach $500,000 in some patients."

Citadel rated Biogen Idec an ADD with a price target of $130.00. Biogen Idec closed Friday at $93.18.