Biogen (NASDAQ:BIIB) Given Buy Rating at Needham & Company LLC

Biogen (NASDAQ:BIIB)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a research note issued on Friday, Benzinga reports. They currently have a $294.00 price objective on the biotechnology company’s stock. Needham & Company LLC’s target price points to a potential upside of 26.82% from the stock’s previous close.

Several other brokerages have also recently commented on BIIB. Oppenheimer restated an “outperform” rating and set a $270.00 target price on shares of Biogen in a report on Monday, April 29th. Bank of America cut their price target on shares of Biogen from $280.00 to $260.00 and set a “neutral” rating for the company in a research note on Friday, April 12th. HSBC increased their price target on shares of Biogen from $339.00 to $342.00 and gave the company a “buy” rating in a research note on Friday, May 3rd. Barclays cut their price target on shares of Biogen from $215.00 to $200.00 and set an “equal weight” rating for the company in a research note on Thursday, April 25th. Finally, William Blair reiterated an “outperform” rating on shares of Biogen in a research note on Monday, April 1st. Ten analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $286.50.

Biogen Stock Up 1.4 %

Biogen stock opened at $231.82 on Friday. The stock has a market capitalization of $33.75 billion, a PE ratio of 28.94, a price-to-earnings-growth ratio of 2.30 and a beta of -0.02. Biogen has a twelve month low of $189.44 and a twelve month high of $287.60. The company has a quick ratio of 1.32, a current ratio of 2.10 and a debt-to-equity ratio of 0.41. The company has a 50 day moving average of $222.22 and a 200-day moving average of $228.55.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, topping the consensus estimate of $3.45 by $0.22. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter in the prior year, the company posted $3.40 earnings per share. The firm’s revenue was down 7.0% on a year-over-year basis. On average, equities research analysts anticipate that Biogen will post 15.63 EPS for the current fiscal year.

Institutional Investors Weigh In On Biogen

A number of large investors have recently bought and sold shares of the company. Cetera Advisors LLC boosted its stake in shares of Biogen by 120.6% in the 1st quarter. Cetera Advisors LLC now owns 3,175 shares of the biotechnology company’s stock valued at $685,000 after purchasing an additional 1,736 shares in the last quarter. Cetera Investment Advisers boosted its stake in shares of Biogen by 235.1% in the 1st quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock valued at $3,204,000 after purchasing an additional 10,425 shares in the last quarter. Swedbank AB acquired a new stake in shares of Biogen in the 1st quarter valued at approximately $22,939,000. Virtu Financial LLC acquired a new stake in shares of Biogen in the 1st quarter valued at approximately $2,846,000. Finally, Wahed Invest LLC boosted its stake in shares of Biogen by 14.0% in the 1st quarter. Wahed Invest LLC now owns 2,741 shares of the biotechnology company’s stock valued at $591,000 after purchasing an additional 336 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

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.