Biogen Idec on hold by Jefferies

Jefferies & Co., Inc. analyst Adam Walsh maintained Biogen Idec Inc. at hold awaiting more visibility on the Tysabri rollout. According to the analyst, a stronger-than-expected Tysabri launch or promising pipeline acquisitions are necessary for more positive feelings about the stock. The company reported second-quarter 2006 adjusted non-GAAP earnings per share of $0.57, 7 cents above Jefferies' estimate and 8 cents above Street consensus. Shares of the Cambridge, Mass.-based pharmaceutical company were up 36 cents, or 0.88%, at $41.33 on volume of 3,585,447 shares versus the three-month running average of 3,313,830 shares. (Nasdaq: BIIB)

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