Company Update: Biogen Idec Inc (NASDAQ:BIIB) – Biogen to spin off hemophilia drug business into a public company

[Reuters] – Drugmaker Biogen Inc said on Tuesday it intends to spin off its hemophilia drug business as an independent, publicly traded company in a tax-free transaction. Biogen said the new company will focus on the discovery and development of therapies for the treatment of hemophilia, a group of hereditary genetic disorders that impairs the body’s ability to control blood clotting. John Cox, Biogen’s executive vice president, pharmaceutical operations & technology, will be the chief executive officer of the new company, Biogen said. Read more on this. Biogen Inc. (BIIB) , valued at $60.04B, started trading this morning at $272.82. Today’s price range has been between $271.09 and $275.95 per share with the price of the stock fluctuating between $242.07 to $420.99 over the last 52 weeks. Priced at 14.47x this year’s forecasted earnings, BIIB shares are relatively expensive compared to the industry’s -6.99x forward p/e ratio. Consensus earnings for the current quarter by the 21 sell-side analysts covering the stock is an estimate of $4.66 per share, which would be $0.44 better than the year-ago quarter and a $0.06 sequential increase. Furthermore, our analysis shows the full-year EPS estimate to be $18.91, which would be a $1.90 better when compared to the last year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $2.78 Billion. If realized, that would be a 7.34% increase over the year-ago quarter. More recently, Citigroup Initiated BIIB at Buy (Feb 25, 2016). Previously, Credit Suisse Initiated BIIB at to Neutral. Given all the information above, we should disclose to readers that the average price target is $345.67, which is 26.70% above than it opened this morning. See more in (NASDAQ:BIIB) Similar Articles: Company Update (NASDAQ:BIIB): Biogen, AbbVie multiple sclerosis drug wins EU green light Market Update: Biogen Idec Inc (NASDAQ:BIIB) – Biogen Appoints Michael Ehlers Executive Vice President, Research and Development Company Update (NASDAQ:BIIB): Biogen to Report Fourth Quarter and Year End 2015 Financial Results on January 27, 2016
Data & News supplied by
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.