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

Needham & Company LLC reaffirmed their buy rating on shares of Biogen (NASDAQ:BIIB) in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a $294.00 price target on the biotechnology company’s stock.

Several other equities research analysts have also issued reports on BIIB. Truist Financial reaffirmed a buy rating and set a $340.00 target price on shares of Biogen in a research report on Thursday, May 16th. JPMorgan Chase & Co. cut their price target on Biogen from $270.00 to $240.00 and set a neutral rating for the company in a research note on Thursday, April 11th. Royal Bank of Canada reiterated an outperform rating and set a $317.00 price target on shares of Biogen in a research note on Wednesday, June 26th. Wedbush increased their price target on Biogen from $213.00 to $215.00 and gave the stock a neutral rating in a research note on Thursday, April 25th. Finally, Oppenheimer reiterated an outperform rating and set a $270.00 price target on shares of Biogen in a research note on Monday, April 29th. Ten research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $286.50.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $231.77 on Friday. The firm has a market capitalization of $33.75 billion, a price-to-earnings ratio of 28.94, a PEG ratio of 2.33 and a beta of -0.04. The stock’s 50 day moving average is $222.22 and its 200-day moving average is $228.36. 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.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, beating analysts’ consensus estimates of $3.45 by $0.22. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.31 billion. Biogen had a return on equity of 14.83% and a net margin of 12.07%. Biogen’s quarterly revenue was down 7.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.40 EPS. Sell-side analysts forecast that Biogen will post 15.63 EPS for the current fiscal year.

Institutional Investors Weigh In On Biogen

Hedge funds have recently made changes to their positions in the company. Kathmere Capital Management LLC purchased a new stake in Biogen during the 2nd quarter valued at about $190,000. Cetera Advisors LLC grew its holdings in shares of Biogen by 120.6% during the first quarter. Cetera Advisors LLC now owns 3,175 shares of the biotechnology company’s stock valued at $685,000 after buying an additional 1,736 shares during the last quarter. Cetera Investment Advisers increased its position in shares of Biogen by 235.1% during the first quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock valued at $3,204,000 after acquiring an additional 10,425 shares in the last quarter. Swedbank AB purchased a new position in Biogen in the 1st quarter worth approximately $22,939,000. Finally, Virtu Financial LLC bought a new position in Biogen in the 1st quarter valued at approximately $2,846,000. 87.93% of the stock is currently owned by institutional investors.

Biogen Company Profile

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.