Biogen Idec Receives “Outperform” Rating from Credit Suisse (BIIB)
Biogen Idec (NASDAQ:BIIB)‘s stock had its “outperform” rating reaffirmed by investment analysts at Credit Suisse in a note issued to investors on Wednesday, Analyst Ratings.Net reports. They currently have a $290.00 target price on the stock, up from their previous target price of $255.00. Credit Suisse’s target price would suggest a potential upside of 18.41% from the company’s current price.
The analysts wrote, “We are raising EPS forecasts primarily based on higher Tecfidera and Hemophilia franchise peak sales estimates. We are taking our Tecfidera peak sales from $4.2B to $5.2B in 2018 and the Hemophilia franchise from $1.0B to $1.5B in 2020. We also have made other house-keeping changes to the model results in 7-17% and 10-19% top- and bottom-line increase respectively from 2014 to 2018. Our 2013, 2014, and 2015 EPS are $8.45, $11.54, and $14.02 respectively.”
In other Biogen Idec news, CFO Paul Clancy sold 26,785 shares of the stock on the open market in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $245.00, for a total value of $6,562,325.00. Following the sale, the chief financial officer now directly owns 7,087 shares in the company, valued at approximately $1,736,315. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
A number of other analysts have also recently weighed in on BIIB. Analysts at Goldman Sachs Group Inc. raised their price target on shares of Biogen Idec (NASDAQ:BIIB) from $220.00 to $240.00 in a research note to investors on Wednesday, September 18th. Separately, analysts at Zacks upgraded shares of Biogen Idec (NASDAQ:BIIB) from a “neutral” rating to an “outperform” rating in a research note to investors on Wednesday, September 18th. They now have a $288.00 price target on the stock. Finally, analysts at TheStreet reiterated a “buy” rating on shares of Biogen Idec (NASDAQ:BIIB) in a research note to investors on Tuesday, September 17th. Nine research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $251.82.
Shares of Biogen Idec (NASDAQ:BIIB) opened at 244.92 on Wednesday. Biogen Idec has a 52-week low of $134.00 and a 52-week high of $248.95. The stock has a 50-day moving average of $226.5 and a 200-day moving average of $216.3. The company has a market cap of $58.210 billion and a P/E ratio of 36.28.
Biogen Idec (NASDAQ:BIIB) last released its earnings data on Thursday, July 25th. The company reported $2.30 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.93 by $0.37. The company had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter in the previous year, the company posted $1.82 earnings per share. The company’s revenue for the quarter was up 21.3% on a year-over-year basis. Analysts expect that Biogen Idec will post $8.59 EPS for the current fiscal year.
Biogen Idec Inc (NASDAQ:BIIB) is a global biotechnology company.
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