The technical analysts at Evercore ISI are bullish on biotechnology – noting that the iShares NASDAQ Biotechnology Index IBB is in a long-term bull market, not a bubble. So, it’s no surprise that the analysts “single best idea” is Biogen Idec Inc BIIB.
Evercore ISI points out that Biogen, which is up more than 20 percent in 2015, has recently broke out above its all-time closing high at $347.11. That puts the stock in an upward trend with strong support near $400. Even if that area were to break, Evercore ISI sees additional support at $359.25.
The analysts also call Pfizer Inc. PFE a “high conviction buy” with a “textbook weekly breakout.” The analysts also note that AbbVie Inc ABBV and Zoetis Inc ZTS are buys.
On the opposite side, the analysts are watching key support at Merck & Co., Inc. MRK, Bristol-Myers Squibb Co BMY, and Amgen, Inc. AMGN.
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