Biogen Idec Rating Reiterated by Morgan Stanley (BIIB)
Biogen Idec (NASDAQ:BIIB)‘s stock had its “overweight” rating reiterated by analysts at Morgan Stanley in a research report issued to clients and investors on Monday. They currently have a $395.00 price target on the stock. Morgan Stanley’s price objective points to a potential upside of 24.39% from the stock’s previous close.
The analysts wrote, “Eloctate is the second product in Biogen’s hemophilia franchise to be approved (Alprolix for Hemophilia B was approved on March 28). Mgt. plans a July launch (~3 months after the May Alprolix launch). Pricing has not yet been detailed, though given that the annualized Alprolix price is similar to the non-long-acting versions, we would expect similar pricing for Eloctate. The label is inline with the clinical studies, suggesting dosing every 3-5 days versus current therapies of every other day.”
Several other analysts have also recently commented on the stock. Analysts at JPMorgan Chase & Co. upgraded shares of Biogen Idec from a “neutral” rating to an “overweight” rating in a research note on Thursday, May 29th. They now have a $375.00 price target on the stock, up previously from $300.00. Separately, analysts at Oppenheimer reiterated a “market perform” rating on shares of Biogen Idec in a research note on Tuesday, May 27th. Finally, analysts at Zacks reiterated an “outperform” rating on shares of Biogen Idec in a research note on Thursday, May 15th. They now have a $356.00 price target on the stock. Five analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $341.32.
Shares of Biogen Idec (NASDAQ:BIIB) traded up 0.71% on Monday, hitting $319.80. The stock had a trading volume of 354,657 shares. Biogen Idec has a 1-year low of $194.66 and a 1-year high of $358.89. The stock has a 50-day moving average of $298.2 and a 200-day moving average of $301.9. The company has a market cap of $75.856 billion and a P/E ratio of 39.50.
Biogen Idec (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $2.47 earnings per share for the quarter, missing the analysts’ 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 last year, the company posted $1.80 earnings per share. Biogen Idec’s revenue was up 50.5% compared to the same quarter last year. On average, analysts predict that Biogen Idec will post $11.50 earnings per share for the current fiscal year.
Biogen Idec Inc (NASDAQ:BIIB) is a global biotechnology company.
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