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Recent 52-Week High Exceeded in Shares of Biogen Idec (BIIB)

By Shiri Gupta

Biogen Idec (NASDAQ:BIIB) traded today at a new 52-week high of $324.89. So far today approximately 122,000 shares have been exchanged, as compared to an average 30-day volume of 1.4 million shares.

Biogen Idec share prices have moved between a 52-week high of $324.89 and a 52-week low of $160.42 and are now trading 101% above that low price at $322.75 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has risen 0.7%.

Potential upside of 2.3% exists for Biogen Idec, based on a current level of $322.75 and analysts' average consensus price target of $330.12. The stock should find initial support at its 50-day moving average (MA) of $292.02 and further support at its 200-day MA of $244.55.

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.

SmarTrend recommended that subscribers consider buying shares of Biogen Idec on November 19th, 2013 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $244.72. Since that recommendation, shares of Biogen Idec have risen 30.7%. We continue to monitor BIIB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows Biogen Idec

Ticker(s): BIIB