UPDATE: Piper Jaffray Raises PT on Biogen Idec on Multiple Positive Factors

In a report published Monday, Piper Jaffray analyst M. Ian Somaiya reiterated a Neutral rating on Biogen Idec (NASDAQ: BIIB), and raised the price target from $229.00 to $251.00.

In the report, Piper Jaffray noted, “We are increasing our Tecfidera sales estimates given the strength of the US launch as reflected in weekly IMS prescription data. Further, on Friday, the CHMP decision to assign NAS designation to Sanofi's Aubagio holds positive implication for Tecfidera to follow suit. We continue, however, to see risk to Tecfidera's NAS status and 10 year data exclusivity in Europe given its similarity to its predecessor Fumaderm. We remain Neutral rated as Street estimates (i.e., in particular unpublished estimates) now fully reflect Tecfidera's strong launch, in our view, and upside in BIIB shares will likely require pipeline success, which is not expected until 2014 data readouts from anti-LINGO Phase II (optic neuritis) and daclizumab (MS) Phase III trials.”

Biogen Idec closed on Friday at $215.20.