Zacks Reiterates “Outperform” Rating for Biogen Idec (BIIB)
Biogen Idec (NASDAQ:BIIB)‘s stock had its “outperform” rating reaffirmed by Zacks in a research note issued on Friday. They currently have a $404.00 price target on the stock. Zacks‘s target price would indicate a potential upside of 20.44% from the company’s current price.
Zacks’ analyst wrote, “Biogen reported second quarter 2014 EPS of $3.48, well above the Zacks Consensus Estimate of $2.80 and the year-ago earnings of $2.29. Revenues increased 40% to $2.4 billion, well above the Zacks Consensus Estimate of $2.1 billion. Tecfidera continues to impress. Biogen raised its guidance again this year and both earnings and revenue estimates are up significantly. 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. We expect 2014 to be catalyst rich for Biogen with several data readouts expected and maintain an Outperform recommendation on the stock.”
Biogen Idec (NASDAQ:BIIB) traded down 0.40% during mid-day trading on Friday, hitting $335.45. 1,068,622 shares of the company’s stock traded hands. Biogen Idec has a one year low of $203.55 and a one year high of $358.89. The stock’s 50-day moving average is $316.4 and its 200-day moving average is $311.0. The company has a market cap of $79.388 billion and a price-to-earnings ratio of 37.47.
Biogen Idec (NASDAQ:BIIB) last announced its earnings results on Wednesday, July 23rd. The company reported $3.49 EPS for the quarter, beating the Thomson Reuters consensus estimate of $2.81 by $0.68. The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the prior year, the company posted $2.30 earnings per share. The company’s quarterly revenue was up 40.5% on a year-over-year basis. Analysts expect that Biogen Idec will post $12.69 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Deutsche Bank reiterated a “buy” rating on shares of Biogen Idec in a research note on Thursday. They now have a $430.00 price target on the stock, up previously from $415.00. Separately, analysts at Jefferies Group reiterated a “buy” rating on shares of Biogen Idec in a research note on Thursday. They now have a $410.00 price target on the stock, up previously from $380.00. Finally, analysts at BMO Capital Markets raised their price target on shares of Biogen Idec from $432.00 to $474.00 in a research note on Thursday. They now have an “outperform” rating on the stock. Four analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $361.74.
In other Biogen Idec news, CEO George A. Scangos unloaded 12,316 shares of the company’s stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $312.37, for a total transaction of $3,847,148.92. The sale was disclosed in a legal 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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