Biogen Idec Rating Reiterated by Morgan Stanley (BIIB)
Biogen Idec (NASDAQ:BIIB)‘s stock had its “overweight” rating restated by equities researchers at Morgan Stanley in a research report issued on Monday. They currently have a $395.00 target price on the stock. Morgan Stanley’s price target suggests a potential upside of 15.34% from the company’s current price.
The analysts wrote, “Friday’s approval was in-line with expectations following a 3 month PDUFA date extension. The label appears consistent with Avonex. Both drugs demonstrated similar annualized relapse rates (ARR) vs placebo, ~30-34% for Avonex and 36% for Plegridy, but Plegridy is dosed every two weeks while Avonex is dosed weekly. The monthly dose of Plegridy achieved a lower ARR (~28%) and is not labeled, though it may be used off-label for certain patients.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Argus raised their price target on shares of Biogen Idec from $360.00 to $385.00 in a research note on Tuesday, July 29th. They now have a “buy” rating on the stock. Separately, analysts at Zacks reiterated an “outperform” rating on shares of Biogen Idec in a research note on Friday, July 25th. They now have a $404.00 price target on the stock. Finally, analysts at Deutsche Bank reiterated a “buy” rating on shares of Biogen Idec in a research note on Thursday, July 24th. They now have a $430.00 price target on the stock, up previously from $415.00. Four equities 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 target price of $363.05.
Biogen Idec (NASDAQ:BIIB) opened at 342.47 on Monday. Biogen Idec has a 52 week low of $203.55 and a 52 week high of $358.89. The stock has a 50-day moving average of $324.2 and a 200-day moving average of $314.6. The company has a market cap of $80.872 billion and a price-to-earnings ratio of 37.49.
Biogen Idec (NASDAQ:BIIB) last issued its quarterly earnings data 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 $13.14 EPS for the current fiscal year.
Biogen Idec Inc (NASDAQ:BIIB) is a global biotechnology company.
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