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JP Morgan Ups Opinion on Biogen Idec to Overweight

JP Morgan raised its investment recommendation on Biogen Idec (BIIB) to overweight from neutral, citing the company's improving business outlook.

Analyst Ronald Renaud sees high chances of a Tysabri market reintroduction in the U.S. before the end of the second half of 2006. He says that while PML (progressive multifocal leukoencephalopathy) concerns are legitimate, he believes many neurologists will accept the risk/benefit tradeoff and adoption rates could exceed expectations. He says label expansion into the rheumatoid arthritis setting for Rituxan are likely to exceed current Street expectations as well. He sees $1.56 2005 earnings per share and raised his $2.08 2006 earnings per share estimate to $2.12.

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