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.

The Average American Has No Idea How Much Money You Can Make Today (Sponsor)

The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.

But there is good news. To win qualified customers, some accounts are paying almost 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.

Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.

Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.

¹https://www.fdic.gov/national-rates-and-rate-caps