Another Major MS Approval Keeps Driving Biogen Idec

Health and Healthcare

Published: March 27, 2013 4:16 pm

Last Updated: March 26, 2020 7:27 pm

Shares of Biogen Idec Inc. (NASDAQ: BIIB) did not just do well on Wednesday. The stock hit an all-time high. News hit late in the day that the U.S. Food and Drug Administration has approved the company’s new multiple sclerosis treatment. Biogen was also benefiting from positive drug data ahead of this news.

Biogen Idec already has a substantial lead over just about every other company producing multiple sclerosis drugs. Today’s reported approval is on TECFIDERA as a treatment for adults with relapsing MS. The press release confirmed that TECFIDERA was approved as a first-line oral treatment for MS.

Shares were already higher along with a strong market and along with positive drug news about a drug today. One word of caution is that Biogen is trading above its consensus price target from Wall St. analysts. That consensus target from Thomson Reuters has a one-year target at just over $175.00. After looking at the news, investors should probably expect that price target will likely be raised after the positive drug data and with a new FDA approval under its belt.

The news all-time high is now $184.17 and the stock closed up over 3% at $182.68. We would note that analysts have chased this and other biotech stocks up and up as the target price before the end of 2012 was all the way down at $158.50.

Are You Still Paying With a Debit Card?

The average American spends $17,274 on debit cards a year, and it’s a HUGE mistake. First, debit cards don’t have the same fraud protections as credit cards. Once your money is gone, it’s gone. But more importantly you can actually get something back from this spending every time you swipe.

Issuers are handing out wild bonuses right now. With some you can earn up to 5% back on every purchase. That’s like getting a 5% discount on everything you buy!

Our top pick is kind of hard to imagine. Not only does it pay up to 5% back, it also includes a $200 cash back reward in the first six months, a 0% intro APR, and…. $0 annual fee. It’s quite literally free money for any one that uses a card regularly. Click here to learn more!

Flywheel Publishing has partnered with CardRatings to provide coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.