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Citigroup Upgrades Biogen Idec and Elan

Citigroup upgrades Biogen Idec (BIIB) to buy from hold and Elan (ELN) to hold from sell.

Analysts Elise Wang (follows Biogen Idec), Andrew Swanson (follows Elan) say they believe the market overreacted Monday to news Biogen Idec and Elan suspended the marketing of multiple sclerosis (MS) drug Tysabri.

They note the companies suspended the drug due to two reported cases of a rare, severe neurological disorder (PML) in patients treated with Tysabri and Avonex. They sees a 75% chance of Tysabri ultimately returning to market, albeit with reduced peak sales potential.

Wang and Swanson find Biogen Idec and Elan stocks attractive at current levels, so they upgrade. However, they cut Biogen's $70 target to $49 and Elan's $25 target to $9.50.

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