Biogen Inc. (BIIB) Earns Buy Rating from Bank of America Corp.
Biogen Inc. (NASDAQ:BIIB)‘s stock had its “buy” rating reaffirmed by equities research analysts at Bank of America Corp. in a report issued on Thursday. They presently have a $374.00 target price on the biotechnology company’s stock. Bank of America Corp.’s price objective would suggest a potential upside of 19.87% from the company’s current price.
Several other equities research analysts also recently weighed in on the stock. Morgan Stanley reaffirmed a “buy” rating on shares of Biogen in a research note on Thursday, June 30th. Sanford C. Bernstein began coverage on shares of Biogen in a research note on Wednesday, June 29th. They set an “outperform” rating and a $282.00 target price on the stock. Vetr upgraded shares of Biogen from a “buy” rating to a “strong-buy” rating and set a $346.47 price target for the company in a report on Monday, September 12th. Citigroup Inc. cut shares of Biogen from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $345.00 to $295.00 in a report on Tuesday, June 7th. Finally, Piper Jaffray Cos. reiterated a “neutral” rating and set a $333.00 price target (up previously from $293.00) on shares of Biogen in a report on Tuesday, August 16th. Eleven investment 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 stock. The company presently has a consensus rating of “Buy” and a consensus target price of $347.55.
Biogen (NASDAQ:BIIB) traded up 0.431% on Thursday, hitting $313.345. 853,273 shares of the company’s stock were exchanged. Biogen has a 12-month low of $223.02 and a 12-month high of $333.65. The company’s 50-day moving average price is $309.81 and its 200-day moving average price is $275.12. The company has a market cap of $68.66 billion, a PE ratio of 18.304 and a beta of 0.90.
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Biogen (NASDAQ:BIIB) last announced its earnings results on Thursday, July 21st. The biotechnology company reported $5.21 earnings per share for the quarter, topping the consensus estimate of $4.69 by $0.52. Biogen had a net margin of 33.97% and a return on equity of 40.59%. The firm had revenue of $2.89 billion for the quarter, compared to the consensus estimate of $2.79 billion. During the same period in the prior year, the firm earned $4.22 EPS. The firm’s revenue for the quarter was up 11.7% on a year-over-year basis. Analysts forecast that Biogen will post $20.10 earnings per share for the current year.
In related news, CEO George A. Scangos sold 157 shares of the stock in a transaction dated Thursday, July 21st. The shares were sold at an average price of $280.00, for a total value of $43,960.00. Following the sale, the chief executive officer now directly owns 54,779 shares of the company’s stock, valued at approximately $15,338,120. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.32% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of BIIB. UMB Bank N A MO boosted its stake in shares of Biogen by 16.1% in the first quarter. UMB Bank N A MO now owns 7,737 shares of the biotechnology company’s stock worth $2,014,000 after buying an additional 1,075 shares during the last quarter. Legacy Private Trust Co. boosted its stake in shares of Biogen by 4.1% in the first quarter. Legacy Private Trust Co. now owns 4,100 shares of the biotechnology company’s stock worth $1,067,000 after buying an additional 160 shares during the last quarter. Douglas Lane & Associates LLC acquired a new stake in shares of Biogen during the first quarter worth approximately $354,000. Hills Bank & Trust Co. boosted its stake in shares of Biogen by 77.7% in the first quarter. Hills Bank & Trust Co. now owns 2,950 shares of the biotechnology company’s stock worth $768,000 after buying an additional 1,290 shares during the last quarter. Finally, Chesley Taft & Associates LLC boosted its stake in shares of Biogen by 3.6% in the first quarter. Chesley Taft & Associates LLC now owns 6,562 shares of the biotechnology company’s stock worth $1,708,000 after buying an additional 230 shares during the last quarter. 86.21% of the stock is currently owned by hedge funds and other institutional investors.
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.
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