Biogen’s (BIIB) Buy Rating Reaffirmed at Needham & Company LLC

Biogen (NASDAQ:BIIB)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a report released on Wednesday, Benzinga reports. They currently have a $294.00 target price on the biotechnology company’s stock. Needham & Company LLC’s price target indicates a potential upside of 52.19% from the stock’s current price.

Several other research analysts also recently weighed in on the stock. BTIG Research reaffirmed a “neutral” rating on shares of Biogen in a report on Sunday, January 7th. Mizuho dropped their target price on shares of Biogen from $355.00 to $277.00 and set a “buy” rating for the company in a report on Thursday, February 22nd. Barclays dropped their price objective on shares of Biogen from $230.00 to $215.00 and set an “equal weight” rating for the company in a report on Thursday, April 4th. Bank of America dropped their price objective on shares of Biogen from $280.00 to $260.00 and set a “neutral” rating for the company in a report on Friday, April 12th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $364.00 price objective on shares of Biogen in a report on Tuesday, March 5th. Ten research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Biogen currently has an average rating of “Moderate Buy” and a consensus price target of $295.35.

Biogen Trading Down 0.5 %

Shares of BIIB stock opened at $193.18 on Wednesday. Biogen has a 1 year low of $189.44 and a 1 year high of $319.76. The firm has a fifty day moving average price of $213.55 and a 200-day moving average price of $234.62. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.00 and a quick ratio of 1.26. The company has a market cap of $28.08 billion, a price-to-earnings ratio of 24.21, a PEG ratio of 1.85 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last issued its earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share for the quarter, missing the consensus estimate of $3.18 by ($0.23). The firm had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.47 billion. Biogen had a return on equity of 14.91% and a net margin of 11.81%. During the same period in the prior year, the company posted $4.05 EPS. As a group, equities analysts predict that Biogen will post 15.48 earnings per share for the current year.

Insider Buying and Selling

In other Biogen news, Director Eric K. Rowinsky acquired 455 shares of Biogen stock in a transaction that occurred on Thursday, February 15th. The stock was bought at an average price of $222.54 per share, with a total value of $101,255.70. Following the completion of the purchase, the director now directly owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Priya Singhal sold 419 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $239.45, for a total value of $100,329.55. Following the transaction, the insider now directly owns 4,516 shares of the company’s stock, valued at approximately $1,081,356.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Eric K. Rowinsky bought 455 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was purchased at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the transaction, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The disclosure for this purchase can be found here. Insiders sold 882 shares of company stock valued at $202,030 over the last 90 days. Corporate insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Biogen

Several hedge funds have recently modified their holdings of the company. Primecap Management Co. CA boosted its stake in shares of Biogen by 1.6% during the 4th quarter. Primecap Management Co. CA now owns 16,264,481 shares of the biotechnology company’s stock worth $4,208,760,000 after acquiring an additional 251,915 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Biogen by 18.2% during the 4th quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock worth $3,728,185,000 after purchasing an additional 2,218,744 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Biogen by 0.5% during the 3rd quarter. Wellington Management Group LLP now owns 5,374,310 shares of the biotechnology company’s stock worth $1,381,251,000 after purchasing an additional 27,951 shares during the last quarter. Northern Trust Corp raised its position in shares of Biogen by 2.8% during the 3rd quarter. Northern Trust Corp now owns 1,643,035 shares of the biotechnology company’s stock worth $422,276,000 after purchasing an additional 45,437 shares during the last quarter. Finally, Morgan Stanley raised its position in shares of Biogen by 4.3% during the 3rd quarter. Morgan Stanley now owns 1,493,113 shares of the biotechnology company’s stock worth $383,745,000 after purchasing an additional 61,814 shares during the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer's disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.