Biogen’s (BIIB) Buy Rating Reaffirmed at Needham & Company LLC

Biogen (NASDAQ:BIIB)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $285.00 target price on the biotechnology company’s stock. Needham & Company LLC’s target price would indicate a potential upside of 50.74% from the company’s current price.

A number of other equities analysts also recently commented on the stock. Barclays reduced their price objective on shares of Biogen from $200.00 to $190.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Scotiabank cut their price target on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research note on Friday, August 2nd. Wells Fargo & Company decreased their price objective on Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. Truist Financial reissued a “buy” rating and issued a $302.00 target price (down from $340.00) on shares of Biogen in a report on Monday, August 5th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $292.00 price target on shares of Biogen in a research note on Monday, September 9th. Eight equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $275.30.

Biogen Stock Down 2.6 %

BIIB stock opened at $189.07 on Tuesday. Biogen has a twelve month low of $188.78 and a twelve month high of $269.43. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. The company has a market cap of $27.54 billion, a PE ratio of 23.62, a price-to-earnings-growth ratio of 1.97 and a beta of -0.06. The business’s 50-day simple moving average is $206.18 and its 200 day simple moving average is $214.61.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, topping the consensus estimate of $4.00 by $1.28. The company had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.39 billion. Biogen had a return on equity of 15.71% and a net margin of 11.98%. Biogen’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter last year, the firm earned $4.02 EPS. On average, research analysts anticipate that Biogen will post 16.12 earnings per share for the current year.

Insider Activity

In related news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the sale, the insider now directly owns 5,316 shares in the company, valued at $1,085,633.52. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.16% of the stock is currently owned by insiders.

Institutional Trading of Biogen

A number of institutional investors have recently bought and sold shares of the business. Plato Investment Management Ltd boosted its position in shares of Biogen by 82.8% in the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 53 shares during the last quarter. Livelsberger Financial Advisory acquired a new position in shares of Biogen during the 4th quarter worth about $26,000. Rise Advisors LLC bought a new stake in shares of Biogen in the 1st quarter valued at about $27,000. Itau Unibanco Holding S.A. acquired a new stake in shares of Biogen in the 2nd quarter valued at approximately $33,000. Finally, EntryPoint Capital LLC bought a new position in Biogen during the 1st quarter worth approximately $36,000. Institutional investors and hedge funds 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.