Biogen Idec Given “Outperform” Rating at Zacks (BIIB)

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Biogen Idec (NASDAQ:BIIB)‘s stock had its “outperform” rating reiterated by Zacks in a report released on Thursday, Analyst Ratings.Net reports. They currently have a $368.00 target price on the stock. Zacks‘s target price indicates a potential upside of 28.76% from the stock’s previous close.

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.”

In other Biogen Idec news, EVP Steven Holtzman unloaded 1,221 shares of Biogen Idec stock on the open market in a transaction that occurred on Thursday, April 17th. The stock was sold at an average price of $291.00, for a total transaction of $355,311.00. Following the sale, the executive vice president now directly owns 6,970 shares of the company’s stock, valued at approximately $2,028,270. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

A number of other firms have also recently commented on BIIB. 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 research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $327.18.

Biogen Idec (NASDAQ:BIIB) opened at 285.81 on Thursday. Biogen Idec has a one year low of $194.66 and a one year high of $358.89. The stock has a 50-day moving average of $310.0 and a 200-day moving average of $289.8. The company has a market cap of $67.676 billion and a P/E ratio of 35.55.

Biogen Idec (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $2.47 EPS for the quarter, missing the Thomson Reuters 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 prior year, the company posted $1.80 earnings per share. The company’s quarterly revenue was up 50.5% on a year-over-year basis. Analysts expect that Biogen Idec will post $11.43 EPS for the current fiscal year.

Biogen Idec Inc (NASDAQ:BIIB) is a global biotechnology company.

To view Zacks’ full report, visit Zacks’ official website.

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