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Biogen Idec (BIIB) Approaches New Downside Target of $198.55

Published on Thu, 06/20/2013 - 13:04
By Adrienne Chilton

Shares of Biogen Idec (NASDAQ:BIIB) opened today below their pivot of $206.22 and have already reached the first level of support at $201.17. Should the shares continue to fall, the support pivots of $198.55 and $190.88 will be of interest.

Biogen Idec share prices have moved between a 52-week high of $242.64 and a 52-week low of $134.00 and are now trading 50% above that low price at $200.55 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.4%.

Potential upside of 11.1% exists for Biogen Idec, based on a current level of $200.55 and analysts' average consensus price target of $222.86. The stock should find resistance at its 50-day moving average (MA) of $217.64, as well as support at its 200-day MA of $171.25.

Biogen Idec Inc. develops, manufactures, and commercializes therapies, focusing on neurology, oncology, and immunology. The Company's products addresses diseases such as multiple sclerosis, non-Hodgkin's lymphoma, rheumatoid arthritis, crohn's disease, and psoriasis.

By Adrienne Chilton
achilton@fnno.com

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