Needham & Company LLC Reaffirms Buy Rating for Biogen (NASDAQ:BIIB)

Needham & Company LLC reiterated their buy rating on shares of Biogen (NASDAQ:BIIB) in a report issued on Wednesday, Benzinga reports. The brokerage currently has a $294.00 price target on the biotechnology company’s stock.

A number of other equities research analysts also recently issued reports on the company. Truist Financial restated a buy rating and set a $340.00 price objective on shares of Biogen in a research report on Thursday, May 16th. Wells Fargo & Company lowered Biogen from an overweight rating to an equal weight rating and decreased their price target for the company from $315.00 to $240.00 in a report on Wednesday, February 14th. Mizuho cut their price objective on shares of Biogen from $355.00 to $277.00 and set a buy rating on the stock in a research report on Thursday, February 22nd. Barclays reduced their target price on shares of Biogen from $215.00 to $200.00 and set an equal weight rating on the stock in a research note on Thursday, April 25th. Finally, HC Wainwright dropped their price target on shares of Biogen from $325.00 to $300.00 and set a buy rating for the company in a research note on Thursday, April 25th. Ten investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $288.46.

Biogen Stock Down 0.1 %

Shares of BIIB opened at $217.81 on Wednesday. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.32. The stock has a market capitalization of $31.71 billion, a price-to-earnings ratio of 27.19, a price-to-earnings-growth ratio of 1.75 and a beta of -0.01. Biogen has a 1 year low of $189.44 and a 1 year high of $319.76. The business’s 50 day simple moving average is $212.88 and its 200-day simple moving average is $229.51.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.45 by $0.22. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same quarter in the prior year, the firm earned $3.40 earnings per share. Biogen’s revenue was down 7.0% on a year-over-year basis. As a group, equities analysts expect that Biogen will post 15.61 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in BIIB. Livelsberger Financial Advisory purchased a new stake in shares of Biogen during the fourth quarter valued at about $26,000. Gladius Capital Management LP purchased a new stake in Biogen during the third quarter valued at approximately $28,000. Plato Investment Management Ltd lifted its position in Biogen by 82.8% during the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 53 shares during the last quarter. Hexagon Capital Partners LLC boosted its stake in Biogen by 76.1% in the fourth quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock valued at $31,000 after acquiring an additional 51 shares in the last quarter. Finally, KB Financial Partners LLC grew its holdings in Biogen by 105.1% in the third quarter. KB Financial Partners LLC now owns 121 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 62 shares during the last quarter. 87.93% of the stock is owned by institutional investors.

About Biogen

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.