Biogen Idec Rating Reiterated by Zacks (BIIB)
Biogen Idec (NASDAQ:BIIB)‘s stock had its “outperform” rating restated by Zacks in a report issued on Thursday, AnalystRatingsNetwork.com reports. They currently have a $368.00 target price on the stock. Zacks‘s price target suggests a potential upside of 24.81% from the company’s current price.
Zacks’ analyst wrote, “Biogen reported first quarter 2014 EPS of $2.45, missing the Zacks Consensus Estimate of $2.58 but surpassing the year-ago earnings by 25%. Revenues increased 51% to $2.1 billion, well above the Zacks Consensus Estimate of $1.9 billion. Tecfidera continues to impress. Biogen remains in a strong position in the MS market. While Tecfidera should continue performing well, Tysabri and Avonex should remain strong contributors to the top line. This year, the company could launch three products: Eloctate and Alprolix for hemophilia patients and Plegridy for MS. We expect 2014 to be catalyst rich for Biogen with several data readouts expected. We maintain an Outperform recommendation on the stock.”
BIIB has been the subject of a number of other recent research reports. Analysts at Nomura reiterated a “buy” rating on shares of Biogen Idec in a research note on Thursday. They now have a $415.00 price target on the stock. Separately, analysts at Morgan Stanley initiated coverage on shares of Biogen Idec in a research note on Wednesday, March 26th. They set an “overweight” rating and a $395.00 price target on the stock. Finally, analysts at Deutsche Bank reiterated a “buy” rating on shares of Biogen Idec in a research note on Friday, March 21st. Seven equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Biogen Idec presently has an average rating of “Buy” and an average price target of $323.39.
Shares of Biogen Idec (NASDAQ:BIIB) traded down 3.88% during mid-day trading on Thursday, hitting $294.84. 2,385,364 shares of the company’s stock traded hands. Biogen Idec has a 52-week low of $194.66 and a 52-week high of $358.89. The stock has a 50-day moving average of $311.5 and a 200-day moving average of $289.5. The company has a market cap of $69.698 billion and a price-to-earnings ratio of 39.28.
Biogen Idec (NASDAQ:BIIB) last announced its earnings results on Wednesday, April 23rd. The company reported $2.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.56 by $0.09. The company had revenue of $2.10 billion for the quarter, compared to the consensus estimate of $2.00 billion. During the same quarter in the previous year, the company posted $1.80 earnings per share. The company’s revenue for the quarter was up 50.5% on a year-over-year basis. On average, analysts predict that Biogen Idec will post $11.34 earnings per share for the current fiscal year.
In other Biogen Idec news, EVP Steven Holtzman sold 1,221 shares of Biogen Idec stock in a transaction that occurred on Thursday, April 17th. The stock was sold at an average price of $291.00, for a total value of $355,311.00. Following the completion of the transaction, the executive vice president now directly owns 6,970 shares in the company, valued at approximately $2,028,270. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Biogen Idec Inc (NASDAQ:BIIB) is a global biotechnology company.
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