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

Biogen (NASDAQ:BIIB)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $288.00 price target on the biotechnology company’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 33.95% from the company’s previous close.

Other analysts have also issued reports about the stock. Truist Financial restated a “buy” rating and set a $340.00 price target on shares of Biogen in a research report on Thursday, May 16th. Robert W. Baird cut their price target on shares of Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a research report on Monday. UBS Group cut their price target on shares of Biogen from $250.00 to $214.00 and set a “neutral” rating for the company in a research report on Wednesday, April 17th. Wedbush raised their target price on Biogen from $213.00 to $215.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Finally, William Blair reissued an “outperform” rating on shares of Biogen in a research note on Wednesday, July 3rd. Ten investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $283.00.

Biogen Stock Up 0.8 %

BIIB opened at $215.00 on Thursday. The stock has a market cap of $31.30 billion, a PE ratio of 26.84, a P/E/G ratio of 2.14 and a beta of -0.04. The company has a quick ratio of 1.32, a current ratio of 2.10 and a debt-to-equity ratio of 0.41. Biogen has a 52 week low of $189.44 and a 52 week high of $278.95. The business’s fifty day simple moving average is $225.40 and its 200 day simple moving average is $223.52.

Institutional Investors Weigh In On Biogen

A number of hedge funds have recently modified their holdings of BIIB. Global Retirement Partners LLC boosted its holdings in Biogen by 68.6% in the 4th quarter. Global Retirement Partners LLC now owns 263 shares of the biotechnology company’s stock worth $65,000 after buying an additional 107 shares during the period. Ballentine Partners LLC lifted its stake in Biogen by 7.9% in the 4th quarter. Ballentine Partners LLC now owns 1,649 shares of the biotechnology company’s stock worth $427,000 after purchasing an additional 121 shares in the last quarter. Camelot Portfolios LLC raised its position in shares of Biogen by 81.8% during the 4th quarter. Camelot Portfolios LLC now owns 2,000 shares of the biotechnology company’s stock valued at $518,000 after buying an additional 900 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its position in shares of Biogen by 333.1% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 19,027 shares of the biotechnology company’s stock valued at $4,924,000 after buying an additional 14,634 shares in the last quarter. Finally, Autumn Glory Partners LLC raised its position in shares of Biogen by 2.0% during the 4th quarter. Autumn Glory Partners LLC now owns 3,184 shares of the biotechnology company’s stock valued at $823,000 after buying an additional 63 shares in the last quarter. Institutional investors own 87.93% 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 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.