Biogen Idec’s Buy Rating Reaffirmed at Jefferies Group (BIIB)

Biogen Idec (NASDAQ: BIIB)‘s stock had its “buy” rating restated by equities researchers at Jefferies Group in a report issued on Monday. They currently have a $215.00 target price on the stock, up from their previous target price of $201.00.

The analysts wrote, “In line with expectations, the FDA approved Tecfidera (BG12) for multiple sclerosis. The label was better than we had expected, with a benign FDA requirement of annual white blood cell count monitoring, no warning around kidney toxicity or renal cell carcinoma, and no requirement for kidney function monitoring. The favorable label increases our confidence in Tecfidera uptake.”

Shares of Biogen Idec (NASDAQ: BIIB) traded up 5.44% during mid-day trading on Monday, hitting $192.618. Biogen Idec has a one year low of $124.23 and a one year high of $184.17. The stock’s 50-day moving average is currently $170.1. The company has a market cap of $45.518 billion and a P/E ratio of 31.72.

Biogen Idec (NASDAQ: BIIB) last released its earnings data on Monday, January 28th. The company reported $1.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.46 by $0.06. The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the prior year, the company posted $1.51 earnings per share. The company’s quarterly revenue was up 6.9% on a year-over-year basis. Biogen Idec has set its FY13 guidance at $7.15-7.25 EPS. Analysts expect that Biogen Idec will post $7.72 EPS for the current fiscal year.

A number of other analysts have also recently weighed in on BIIB. Analysts at Bank of America initiated coverage on shares of Biogen Idec in a research note to investors on Friday, March 22nd. They set a “neutral” rating and a $182.00 price target on the stock. Separately, analysts at Credit Suisse reiterated an “outperform” rating on shares of Biogen Idec in a research note to investors on Thursday, March 21st. They now have a $200.00 price target on the stock. Finally, analysts at TheStreet reiterated a “buy” rating on shares of Biogen Idec in a research note to investors on Tuesday, March 19th.

Eleven investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Biogen Idec presently has an average rating of “Buy” and an average price target of $181.14.

Biogen Idec Inc. (NASDAQ: BIIB) is a global biotechnology company. The Company discovers, develops, manufactures and markets therapies for the treatment of neurodegenerative diseases, hemophilia and autoimmune disorders.

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