Why Roche’s New Drug Is Bad News For Biogen

The market is up today, but shares of Biogen ( BIIB ) are down. The biotech giant dropped 1.1% to just over $268 a share after analysts at Leerink cut their price target from $300 to $290. Granted, shaving $10 off a $300 price target doesn’t seem like much of a shift in sentiment. But Leerink’s Geoffrey Porges and Bradley Canino warn that a new multiple sclerosis drug from Roche recently approved by the FDA is “a game changer” that could “erode a significant share of the market held by BIIB’s products.”