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

Published on Fri, 03/08/2013 - 13:43
By Peter Chu in Pivot alerts, biib, biogen idec, nasdaq:biib, pivot alerts

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
pchu@fnno.com

Latest News from FNNO

U.S. Steel: 52-Week High Recently Eclips...

U.S. Steel (NYSE:X) traded at a new 52-week high today of $33.19. This new high was re ...

WellPoint Looks to Continue to Trade Abo...

Shares of WellPoint (NYSE:WLP) traded at a new 52-week high today of $116.50. So far t ...

Watch for Continued Gains in Shares of W...

Shares of Westmoreland Coal (AMEX:WLB) traded today at $43.84, breaking its 52-week hig ...

Recent 52-Week Low Surpassed in Shares o...

Shares of UBS (NYSE:UBS) traded at a new 52-week low today of $17.44. Approximately 4. ...

Grupo Televisa Looks to Continue to Trad...

Shares of Grupo Televisa (NYSE:TV) traded today at $36.18, breaking its 52-week high. ...

Shares of Trinity Industries Rise Above ...

Trinity Industries (NYSE:TRN) traded at a new 52-week high today of $47.83. This new h ...

Watch for Continued Gains in Shares of P...

Shares of Post Properties (NYSE:PPS) traded today at $55.82, breaking its 52-week high. ...

Pike Electric: The Losing Streak Continu...

Pike Electric (NYSE:PIKE) traded at a new 52-week low today of $8.10. This new low was ...