Biogen (NASDAQ:BIIB) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Biogen (NASDAQ:BIIB) from a hold rating to a strong-buy rating in a research note released on Saturday morning,Wall Street Zen reports.

Several other equities research analysts have also weighed in on the company. UBS Group raised their price objective on Biogen from $270.00 to $300.00 and gave the stock a “buy” rating in a research note on Thursday. TD Cowen boosted their price target on shares of Biogen from $250.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, October 29th. Royal Bank Of Canada lifted their target price on Biogen from $256.00 to $272.00 and gave the company an “outperform” rating in a research note on Thursday. Wedbush raised their price target on Biogen from $212.00 to $225.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, Needham & Company LLC raised their price objective on Biogen from $256.00 to $290.00 and gave the company a “buy” rating in a research note on Thursday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $252.34.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $249.01 on Friday. The firm’s 50 day moving average is $227.72 and its two-hundred day moving average is $201.40. The company has a current ratio of 1.95, a quick ratio of 1.26 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $36.79 billion, a P/E ratio of 20.72, a PEG ratio of 2.87 and a beta of 0.09. Biogen has a 52 week low of $148.51 and a 52 week high of $258.78.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 EPS for the quarter, topping the consensus estimate of $1.99 by $0.63. Biogen had a return on equity of 9.38% and a net margin of 3.37%. The firm had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.63 billion. During the same quarter in the previous year, the company earned $4.81 earnings per share. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. Analysts anticipate that Biogen will post 12.44 earnings per share for the current year.

Hedge Funds Weigh In On Biogen

A number of hedge funds have recently made changes to their positions in BIIB. BlackRock Inc. bought a new stake in shares of Biogen in the 2nd quarter valued at approximately $3,453,878,000. Orbimed Advisors LLC bought a new position in shares of Biogen during the 1st quarter worth approximately $11,293,000. Saudi Central Bank lifted its position in shares of Biogen by 89.7% during the 2nd quarter. Saudi Central Bank now owns 10,273 shares of the biotechnology company’s stock worth $2,220,000 after buying an additional 4,858 shares during the period. Tidal Investments LLC raised its stake in Biogen by 9.0% during the second quarter. Tidal Investments LLC now owns 63,842 shares of the biotechnology company’s stock worth $13,794,000 after acquiring an additional 5,256 shares in the last quarter. Finally, Nippon Life Global Investors Americas Inc. bought a new position in Biogen during the 2nd quarter valued at about $29,648,000. Institutional investors and hedge funds own 87.93% of the company’s stock.

About Biogen

Biogen Inc is a biotechnology company that discovers, develops and commercializes therapies for neurological and neurodegenerative diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy, amyotrophic lateral sclerosis and other serious medical conditions.

The company’s portfolio includes multiple sclerosis treatments such as Tecfidera, Vumerity, Tysabri, Plegridy and Avonex, as well as Spinraza for spinal muscular atrophy. Biogen also markets Leqembi, an Alzheimer’s disease treatment developed in collaboration with Eisai, and works with partners to advance additional therapies and biosimilars.

Biogen was founded in 1978 and is headquartered in Cambridge, Massachusetts.