Eloctate delay cited in Credit Suisse Baxter upgrade

|About: Baxter International Inc (BAX)|By:, SA News Editor

Perhaps not surprisingly, Credit Suisse's Baxter (BAX +0.1%upgrade is in part attributable to the expected three-month delay in FDA approval for Biogen's (BIIB -2.1%) long-lasting factor VIII therapy Eloctate.

Concerns about looming competition in the hemophilia market have been a thorn in BAX's side over the past several months.

In hiking his price target to $80 from $73, analyst Bruce Nudell also highlights "BAX's recent enrollment of its own long-acting rFVIII trial" (BAX 855) and points to "the potential for value creation should BAX split its Medical Products & Bioscience segment."