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Biogen Idec (BIIB) Approaches New Upside Target of $173.82

Published on Fri, 03/08/2013 - 13:43
By Peter Chu

Shares of Biogen Idec (NASDAQ:BIIB) opened today above their pivot of $171.82 and have already reached the first level of resistance at $172.65. Should the shares continue to rise, the resistance pivots of $173.82 and $175.82 will be of interest.

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.

In the past 52 weeks, Biogen Idec share prices have been bracketed by a low of $116.30 and a high of $173.72 and are now at $172.14, 48% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has risen 0.5%.

There is potential upside of 0.9% for shares of Biogen Idec based on a current price of $172.14 and an average consensus analyst price target of $173.75. The stock should find initial support at its 50-day moving average (MA) of $155.42 and further support at its 200-day MA of $147.48.

By Peter Chu