BIIB Stock Brushes Off Bull Note

Biogen also joined Behind The Seizure -- a group providing genetic testing to children under eight

by Lillian Currens

Published on Jan 8, 2020 at 10:37 AM

Biopharmaceutical concern Biogen Inc (NASDAQ:BIIB) is slightly lower today, despite joining Behind the Seizure, along with a number of other companies, which works to provide faster diagnosis to children under eight with epilepsy. In addition to this, RBC lifted its price target to $285 from $267, which is still a slight discount to last night's close. At last check, BIIB is down 0.4% at $289.03. 

Since its late-October bull gap, the stock has been contained by the $280 and $310 regions, with recent support emerging at the 60-day moving average. On the other hand, BIIB is pacing for its fifth straight loss and is down 10.7% year-over-year. 

Analysts are still cautious on the stock, with 17 in coverage giving it a "hold" or worse rating, compared to only seven calling it a "strong buy." Plus, the consensus 12-month target price of $303.29 is just a slim 5.7% premium to current levels. 

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