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Eloctate delay cited in Credit Suisse Baxter upgrade

Nov. 18, 2013 3:12 PM ETBaxter International Inc. (BAX) StockBIIB, BAXBy: Colin Lokey, 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."

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