Biogen (NASDAQ:BIIB) Rating Increased to Strong-Buy at StockNews.com

StockNews.com upgraded shares of Biogen (NASDAQ:BIIB) from a buy rating to a strong-buy rating in a research note issued to investors on Friday.

BIIB has been the topic of a number of other reports. Wedbush dropped their price target on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research note on Monday, September 23rd. Needham & Company LLC lowered shares of Biogen from a “buy” rating to a “hold” rating and set a $270.00 price target on the stock. in a report on Monday, November 18th. Morgan Stanley downgraded shares of Biogen from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $285.00 to $204.00 in a report on Thursday, October 31st. Citigroup assumed coverage on Biogen in a research note on Thursday, November 14th. They issued a “neutral” rating and a $190.00 target price on the stock. Finally, Raymond James reaffirmed a “market perform” rating on shares of Biogen in a research note on Thursday, October 10th. Sixteen equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $242.68.

Biogen Stock Performance

BIIB opened at $146.47 on Friday. Biogen has a 1-year low of $145.07 and a 1-year high of $268.30. The company has a market cap of $21.34 billion, a price-to-earnings ratio of 13.23, a PEG ratio of 1.83 and a beta of -0.08. The company’s fifty day moving average price is $167.48 and its two-hundred day moving average price is $195.87. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.31. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The firm’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period in the previous year, the company earned $4.36 earnings per share. On average, analysts expect that Biogen will post 16.43 EPS for the current fiscal year.

Institutional Investors Weigh In On Biogen

Several institutional investors and hedge funds have recently modified their holdings of the stock. Primecap Management Co. CA raised its holdings in Biogen by 0.7% during the 2nd quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock valued at $3,787,543,000 after buying an additional 117,578 shares during the period. State Street Corp grew its position in shares of Biogen by 3.5% during the 3rd quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock worth $1,423,747,000 after buying an additional 248,942 shares in the last quarter. Geode Capital Management LLC increased its position in Biogen by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,613,020 shares of the biotechnology company’s stock valued at $698,062,000 after purchasing an additional 47,055 shares during the period. RA Capital Management L.P. boosted its position in Biogen by 20.6% during the third quarter. RA Capital Management L.P. now owns 1,184,456 shares of the biotechnology company’s stock valued at $229,595,000 after purchasing an additional 202,317 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Biogen by 1.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,152,691 shares of the biotechnology company’s stock worth $223,438,000 after purchasing an additional 18,905 shares in the last quarter. Institutional investors own 87.93% of the company’s stock.

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.