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

Needham & Company LLC reiterated their buy rating on shares of Biogen (NASDAQ:BIIB) in a report released on Wednesday morning, Benzinga reports. The brokerage currently has a $294.00 price target on the biotechnology company’s stock.

A number of other research analysts also recently commented on BIIB. Truist Financial reaffirmed a buy rating and set a $340.00 price objective on shares of Biogen in a research note on Monday, March 25th. Piper Sandler dropped their target price on shares of Biogen from $350.00 to $325.00 and set an overweight rating for the company in a research report on Wednesday, February 14th. BMO Capital Markets dropped their target price on shares of Biogen from $295.00 to $285.00 and set an outperform rating for the company in a research report on Wednesday, February 14th. Barclays dropped their target price on shares of Biogen from $230.00 to $215.00 and set an equal weight rating for the company in a research report on Thursday, April 4th. Finally, William Blair reissued an outperform rating on shares of Biogen in a research report on Monday, April 1st. Ten research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $293.88.

Biogen Trading Up 3.2 %

NASDAQ BIIB opened at $208.90 on Wednesday. Biogen has a 12 month low of $189.44 and a 12 month high of $319.76. The company has a 50-day moving average of $212.55 and a 200-day moving average of $233.57. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.26. The company has a market cap of $30.42 billion, a P/E ratio of 26.08, a P/E/G ratio of 2.06 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, beating analysts’ consensus estimates of $3.45 by $0.22. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.31 billion. During the same quarter in the prior year, the company posted $3.40 EPS. The company’s quarterly revenue was down 7.0% compared to the same quarter last year. As a group, equities analysts predict that Biogen will post 15.55 earnings per share for the current year.

Insider Activity

In other news, insider Priya Singhal sold 419 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the completion of the transaction, the insider now directly owns 4,516 shares in the company, valued at approximately $1,081,356.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Priya Singhal sold 419 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the completion of the transaction, the insider now directly owns 4,516 shares in the company, valued at approximately $1,081,356.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Eric K. Rowinsky bought 455 shares of Biogen stock in a transaction dated Thursday, February 15th. The shares were acquired at an average price of $222.54 per share, with a total value of $101,255.70. Following the completion of the purchase, the director now owns 20,629 shares in the company, valued at approximately $4,590,777.66. The disclosure for this purchase can be found here. In the last three months, insiders sold 882 shares of company stock worth $202,030. 0.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Biogen

Large investors have recently added to or reduced their stakes in the company. OFI Invest Asset Management bought a new stake in Biogen in the third quarter valued at $26,000. Livelsberger Financial Advisory bought a new stake in Biogen in the fourth quarter valued at $26,000. Rise Advisors LLC bought a new stake in Biogen in the first quarter valued at $27,000. Gladius Capital Management LP bought a new stake in Biogen in the third quarter valued at $28,000. Finally, KB Financial Partners LLC lifted its stake in Biogen by 105.1% in the third quarter. KB Financial Partners LLC now owns 121 shares of the biotechnology company’s stock valued at $31,000 after buying an additional 62 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors.

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.