Company Update – Biogen Idec Inc. (NASDAQ:BIIB) – Celgene Upgraded By Credit Suisse, Market Shrugs; More Biotech Upside Ahead?

Biogen Idec Inc. (NASDAQ:BIIB) [at] – Credit Suisse likes Celgene (CELG). It really likes Celgene. Credit Suisse analyst Ravi Mehrotra and team raised Celgene to Outperform from Neutral, putting it on par with Outperform rated Biogen Idec (BIIB) and Gilead (GILD) and a notch above Neutral-rated Amgen (AMGN). What’s to like? Let Credit Suisse analysts explain: We are raising 2017 total sales and EPS to $13B (from $11B, consensus and guidance $12B/at least $12B) and $16.00 (from $13.57, consensus at $14.34, guidance at >$14B).
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Biogen Idec Inc. (BIIB), with a current market cap of $67.02B, opened this morning at $286.83.
Looking at today’s market, BIIB one day range is $281.28 to $288.90 with its 52-week range being $139.72 to $298.82.
BIIB shares are currently priced at 32.12x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s -8.65x earnings multiple for the same period.

According to a consensus of 26 analysts, the earnings estimate of $2.24 per share would be $0.84 better than the year-ago quarter and a $0.02 sequential increase. Investors should also note that the full-year EPS estimate of $8.87 is a $2.34 better when compared to the previous year’s annual results.
The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $1.91 Billion. If realized, that would be a 34.51% increase over the year-ago quarter.
In terms of ratings, FBR Capital Initiated BIIB at Mkt Perform (Oct 30, 2013). Previously, Canaccord Genuity Initiated BIIB at to Hold.
The average price target for BIIB shares by the analysts covering it is $289.96, which is 1.09% above where the stock opened.
Biogen Idec Inc. (NASDAQ:BIIB), discovers, develops, manufactures and markets therapies for the treatment of neurodegenerative diseases, hemophilia and autoimmune disorders in the Worldwide. The company was formerly known as IDEC Pharmaceuticals Corporation and changed its name to Biogen Idec Inc. in November 2003.
Tag Helper ~ Stock Code: BIIB | Common Company name: Biogen | Full Company name: Biogen Idec Inc. (NASDAQ:BIIB) .

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