Biogen (NASDAQ:BIIB) Earns “Buy” Rating from Needham & Company LLC

by · The Markets Daily

Needham & Company LLC reiterated their buy rating on shares of Biogen (NASDAQ:BIIB – Free Report) in a research report sent to investors on Tuesday morning, Benzinga reports. The brokerage currently has a $285.00 target price on the biotechnology company’s stock.

A number of other analysts have also issued reports on the company. StockNews.com upgraded Biogen from a buy rating to a strong-buy rating in a report on Monday, September 2nd. Wells Fargo & Company lowered their target price on Biogen from $240.00 to $225.00 and set an equal weight rating for the company in a report on Friday, August 2nd. Piper Sandler lowered their target price on Biogen from $335.00 to $313.00 and set an overweight rating for the company in a report on Friday, July 12th. Mizuho lowered their target price on Biogen from $277.00 to $251.00 and set an outperform rating for the company in a report on Tuesday, August 6th. Finally, Scotiabank lowered their target price on Biogen from $275.00 to $244.00 and set a sector outperform rating for the company in a report on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Biogen currently has a consensus rating of Moderate Buy and a consensus price target of $275.30.

Check Out Our Latest Stock Analysis on BIIB

Biogen Stock Up 2.4 %

Shares of NASDAQ BIIB opened at $193.60 on Tuesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29. The firm has a market capitalization of $28.19 billion, a price-to-earnings ratio of 23.96, a PEG ratio of 1.97 and a beta of -0.06. The stock has a 50 day moving average price of $205.39 and a 200 day moving average price of $214.43. Biogen has a 52-week low of $188.78 and a 52-week high of $269.43.

Biogen (NASDAQ:BIIB – Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.00 by $1.28. The firm had revenue of $2.47 billion during 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 quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.02 earnings per share. Sell-side analysts expect that Biogen will post 16.12 earnings per share for the current year.

Insider Activity at Biogen

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

Institutional Investors Weigh In On Biogen

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BIIB. Plato Investment Management Ltd grew its position in Biogen by 82.8% during 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 period. Livelsberger Financial Advisory purchased a new stake in shares of Biogen during the 4th quarter worth about $26,000. Rise Advisors LLC purchased a new stake in shares of Biogen during the 1st quarter worth about $27,000. Itau Unibanco Holding S.A. purchased a new stake in shares of Biogen during the 2nd quarter worth about $33,000. Finally, EntryPoint Capital LLC purchased a new stake in shares of Biogen during the 1st quarter worth about $36,000. 87.93% of the stock is owned by institutional investors and hedge funds.

About Biogen

(Get Free Report)

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.

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