Biogen (NASDAQ:BIIB – Get Free Report) was downgraded by analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Wednesday.
Other equities analysts have also issued research reports about the company. Oppenheimer raised their price target on Biogen from $350.00 to $360.00 in a research note on Monday, June 12th. Argus raised their price target on Biogen from $320.00 to $350.00 in a research note on Thursday, May 11th. Stifel Nicolaus cut their price target on Biogen from $324.00 to $320.00 and set a “buy” rating on the stock in a research note on Tuesday. Morgan Stanley lifted their target price on Biogen from $349.00 to $371.00 in a research note on Tuesday, April 25th. Finally, Needham & Company LLC lifted their target price on Biogen from $320.00 to $323.00 in a research note on Wednesday. Five equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $331.35.
Biogen Trading Down 1.9 %
BIIB traded down $5.06 during trading on Wednesday, reaching $265.25. The company had a trading volume of 1,515,241 shares, compared to its average volume of 1,047,699. Biogen has a 52 week low of $193.65 and a 52 week high of $319.76. The stock has a market cap of $38.39 billion, a P/E ratio of 12.31, a PEG ratio of 2.29 and a beta of 0.17. The business has a 50 day simple moving average of $292.43 and a 200-day simple moving average of $286.83. The company has a quick ratio of 2.81, a current ratio of 3.24 and a debt-to-equity ratio of 0.46.
Biogen (NASDAQ:BIIB – Get Free Report) last released its earnings results on Tuesday, July 25th. The biotechnology company reported $4.02 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.25. Biogen had a return on equity of 19.60% and a net margin of 30.99%. The business had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same period last year, the company earned $5.25 earnings per share. The business’s revenue for the quarter was down 5.1% compared to the same quarter last year. On average, equities analysts anticipate that Biogen will post 15.41 EPS for the current fiscal year.
Insider Buying and Selling at Biogen
In other news, EVP Ginger Gregory sold 2,681 shares of the company’s stock in a transaction on Friday, April 28th. The stock was sold at an average price of $300.00, for a total value of $804,300.00. Following the transaction, the executive vice president now owns 8,483 shares of the company’s stock, valued at approximately $2,544,900. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.60% of the stock is owned by company insiders.
Hedge Funds Weigh In On Biogen
Large investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in Biogen by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 11,720,584 shares of the biotechnology company’s stock worth $2,468,356,000 after acquiring an additional 183,285 shares in the last quarter. State Street Corp raised its position in Biogen by 2.8% in the 1st quarter. State Street Corp now owns 7,208,906 shares of the biotechnology company’s stock valued at $1,518,196,000 after purchasing an additional 197,400 shares in the last quarter. Wellington Management Group LLP raised its position in Biogen by 0.8% in the 1st quarter. Wellington Management Group LLP now owns 5,452,888 shares of the biotechnology company’s stock valued at $1,516,066,000 after purchasing an additional 41,675 shares in the last quarter. Geode Capital Management LLC raised its position in Biogen by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 3,342,330 shares of the biotechnology company’s stock valued at $924,071,000 after purchasing an additional 42,855 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in Biogen by 771.2% in the 1st quarter. Envestnet Asset Management Inc. now owns 2,556,583 shares of the biotechnology company’s stock valued at $90,400,000 after purchasing an additional 2,263,120 shares in the last quarter. Institutional investors and hedge funds own 86.35% of the company’s stock.
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 offers 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.
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