Cowen believes Biogen may be capturing as much as 50% of new MS patients with its Tecfidera drug. The firm cited new patient starts from IMS data rather than new scrip data from Nrx data as the scrip data could reflect a change in dose, a new physician, or expiration of a re-fill prescription. If Tecfidera continues at this pace it could capture more than 50% of the market which would exceed most estimates. Shares of Biogen are Outperform rated with a $278 price target.