Biogen Inc. (BIIB) Cut to “Buy” at Vetr Inc.
Biogen Inc. (NASDAQ:BIIB) was downgraded by stock analysts at Vetr from a “strong-buy” rating to a “buy” rating in a note issued to investors on Wednesday. They presently have a $346.47 price objective on the biotechnology company’s stock. Vetr‘s price objective would indicate a potential upside of 11.05% from the stock’s previous close.
BIIB has been the topic of a number of other research reports. Jefferies Group reiterated a “buy” rating on shares of Biogen in a research note on Sunday, May 29th. Credit Suisse Group AG set a $322.00 target price on Biogen and gave the stock a “hold” rating in a research note on Sunday. Leerink Swann reiterated a “market perform” rating and issued a $319.00 target price on shares of Biogen in a research note on Wednesday, June 1st. Zacks Investment Research lowered Biogen from a “buy” rating to a “hold” rating in a research note on Tuesday, July 12th. Finally, Morgan Stanley reiterated a “buy” rating and issued a $385.00 target price on shares of Biogen in a research note on Wednesday, August 3rd. Eleven investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $346.22.
Shares of Biogen (NASDAQ:BIIB) traded up 1.61% on Wednesday, hitting $312.00. 1,527,608 shares of the company traded hands. The stock has a market capitalization of $68.37 billion, a price-to-earnings ratio of 18.23 and a beta of 0.90. The firm’s 50 day moving average price is $309.80 and its 200-day moving average price is $275.12. Biogen has a 1-year low of $223.02 and a 1-year high of $333.65.
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Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Thursday, July 21st. The biotechnology company reported $5.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $4.69 by $0.52. Biogen had a return on equity of 40.59% and a net margin of 33.97%. The company had revenue of $2.89 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same quarter in the prior year, the firm posted $4.22 EPS. Biogen’s quarterly revenue was up 11.7% compared to the same quarter last year. On average, equities research analysts expect that Biogen will post $20.10 earnings per share for the current year.
In other news, CEO George A. Scangos sold 157 shares of the business’s stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $280.00, for a total value of $43,960.00. Following the completion of the sale, the chief executive officer now directly owns 54,779 shares in the company, valued at $15,338,120. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.32% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the stock. Evercore Wealth Management LLC boosted its stake in Biogen by 3.2% in the second quarter. Evercore Wealth Management LLC now owns 4,473 shares of the biotechnology company’s stock worth $1,081,000 after buying an additional 138 shares during the period. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in Biogen during the second quarter worth approximately $2,139,000. Kentucky Retirement Systems acquired a new stake in Biogen during the second quarter worth approximately $4,505,000. Mason Street Advisors LLC acquired a new stake in Biogen during the second quarter worth approximately $7,135,000. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in Biogen by 37.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,504 shares of the biotechnology company’s stock worth $1,089,000 after buying an additional 1,220 shares during the period. Institutional investors and hedge funds own 86.21% of the company’s stock.
Biogen Company Profile
Biogen Inc, formerly Biogen Idec Inc, is a biopharmaceutical company. The Company operates in discovering, developing, manufacturing and delivering therapies to patients for the treatment of neurodegenerative diseases, hematologic conditions and autoimmune disorders segment. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for multiple sclerosis (MS), ELOCTATE for hemophilia A and ALPROLIX for hemophilia B, and FUMADERM for the treatment of severe plaque psoriasis.
To view Vetr’s full report, visit Vetr’s official website.
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