Biogen Inc. (NASDAQ:BIIB) stock has received a short term price target of $ 398.65 from 17 Analyst. Biogen is scheduled to announce its third-quarter earnings before the market opens on Wednesday. The restructuring will be complete by the end of the year, and will save some $250 million.
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The biotech sector has been slammed this year on concerns about price gouging. The company’s 50-day moving average price is $290.94 and its 200 day moving average price is $355.53. The 52-week low of the share price is at $254.78. Raymond James reaffirmed a strong-buy rating and issued a $404.00 price target on shares of Biogen in a research note on Tuesday, October 13th.
But the drug maker will discontinue a late-stage clinical study to test its Mississippi pill Tecfidera in a new patient population along with the development of drugs to treat lupus nephritis and immunology and fibrosis research.
However, Biogen raised the price of Tecfidera by 6% during the third quarter to help offset flattening volume – something important to note given the current controversy and criticism of drug companies raising prices on their products. The biotechnology company reported $4.48 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.80 by $0.68.
Zacks uses an average brokerage recommendation (ABR) rating system in order to provide a simplified scale for understanding the calculated average of the actual Buy, Sell, Hold ratings made by research analysts. A stock is given a rating between 1 and 5 where 1 represents a Strong Buy and 5 a Strong Sell.
JPMorgan Chase & Co. reiterated an overweight rating and set a $414.00 price target on shares of Biogen in a research report on Tuesday. The company has modestly increased its financial forecasts for the year, predicting a 8 to 9 percent boost in total revenue this year compared to 2014.
Biogen Inc., formerly Biogen Idec Inc., is a global biopharmaceutical company. The Company is focused on finding, making, developing and delivering therapies for hematologic, autoimmune and neurological illnesses. The Company develops, manufactures and markets products intended for treating multiple sclerosis (NASDAQ:BIIB) and hemophilia A and B. The Company’s marketed products contain AVONEX, PLEGRIDY, TECFIDERA, TYSABRI, FAMPYRA for multiple sclerosis (MS), ALPROLIX for hemophilia B, and ELOCTATE for hemophilia A, amongst others.
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BIIB has been the subject of several other reports. Finally, Morgan Stanley reissued a buy rating on shares of Biogen in a report on Monday, July 6th.
