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Needham gives a Buy recommendation for Biogen Inc (BIIB)

Biogen Inc’s recently made public that its Head of Development Singhal Priya unloaded Company’s shares for reported $19817.0 on Apr 02 ’24. In the deal valued at $213.09 per share,93 shares were sold. As a result of this transaction, Singhal Priya now holds 4,886 shares worth roughly $1.05 million.

Then, Singhal Priya sold 262 shares, generating $57,962 in total proceeds. Upon selling the shares at $221.23, the Head of Development now owns 4,886 shares.

Before that, Singhal Priya sold 108 shares. Biogen Inc shares valued at $23,921 were divested by the Head of Development at a price of $221.49 per share. As a result of the transaction, Singhal Priya now holds 5,148 shares, worth roughly $1.11 million.

Needham reiterated its Biogen Inc [BIIB] rating to a Buy in a research note published on February 14, 2024; the price target was $300. A number of analysts have revised their coverage, including Wells Fargo’s analysts, who decreased its forecast for the stock in mid February from “an Overweight” to “an Equal weight”. UBS also remained covering BIIB and has decreased its forecast on January 24, 2024 with a “Neutral” recommendation from previously “Buy” rating.

Price Performance Review of BIIB

On Tuesday, Biogen Inc [NASDAQ:BIIB] saw its stock fall -0.32% to $214.82. Over the last five days, the stock has gained 11.20%. Biogen Inc shares have fallen nearly -16.98% since the year began. Nevertheless, the stocks have fallen -26.86% over the past one year. While a 52-week high of $319.76 was reached on 01/03/24, a 52-week low of $189.44 was recorded on 04/19/24. SMA at 50 days reached $212.47, while 200 days put it at $242.68. A total of 1.22 million shares were traded, compared to the trading of 2.07 million shares in the previous session.

Levels Of Support And Resistance For BIIB Stock

The 24-hour chart illustrates a support level at 213.02, which if violated will result in even more drops to 211.23. On the upside, there is a resistance level at 217.17. A further resistance level may holdings at 219.53. The Relative Strength Index (RSI) on the 14-day chart is 60.94, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 12.94, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 13.73%. Stochastics %K at 88.61% indicates the stock is a selling.

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