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Bank upgrade reportedly lifts Biogen Idec

Biogen Idec recently won a 15-year patent protection for its MS pill Tecfidera.

Essdras M Suarez/Globe Staff/File

Biogen Idec recently won a 15-year patent protection for its MS pill Tecfidera.

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A reported jump in Biogen Idec Inc.’s price target and a ratings upgrade from Bank of America/Merrill Lynch boosted the biotech company’s shares. Wall Street analysts said the company’s gains were due to the report, according to MarketWatch. Bank of America says it will not make the research document public. But several analysts said the paper reportedly boosted Biogen Idec’s price target to $246 from $187 a share, and upped the rating on the stock to buy from neutral.

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