UPDATE: Morgan Stanley Reiterates On Biogen Idec Following Good News On Eloctate

In a report published Monday, Morgan Stanley analyst Matthew Harrison reiterated an Overweight rating on Biogen Idec (NASDAQ: BIIB), but removed the $395.00 price target.

In the report, Morgan Stanley noted, “Eloctate is the second product in Biogen's hemophilia franchise to be approved (Alprolix for Hemophilia B was approved on March 28). Mgt. plans a July launch (~3 months after the May Alprolix launch). Pricing has not yet been detailed, though given that the annualized Alprolix price is similar to the non-long-acting versions, we would expect similar pricing for Eloctate. The label is inline with the clinical studies, suggesting dosing every 3-5 days versus current therapies of every other day.”

Biogen Idec closed on Friday at $317.55.