Biogen Inc. (BIIB) Stock Rating Reaffirmed by Bank of America Corp.
Biogen Inc. (NASDAQ:BIIB)‘s stock had its “buy” rating reaffirmed by analysts at Bank of America Corp. in a research note issued to investors on Thursday. They currently have a $374.00 target price on the biotechnology company’s stock. Bank of America Corp.’s price target would suggest a potential upside of 19.87% from the company’s current price.
A number of other research analysts have also issued reports on the company. JPMorgan Chase & Co. reiterated a “buy” rating and set a $386.00 price target on shares of Biogen in a research report on Friday, September 16th. Jefferies Group reiterated a “buy” rating and set a $319.00 price target on shares of Biogen in a research report on Thursday, August 4th. Robert W. Baird reiterated a “neutral” rating and set a $284.00 price target on shares of Biogen in a research report on Wednesday, August 10th. Vetr upgraded Biogen from a “buy” rating to a “strong-buy” rating and set a $346.47 price target for the company in a research report on Monday, September 12th. Finally, Standpoint Research lowered Biogen from a “buy” rating to a “hold” rating in a research report on Tuesday, August 2nd. Eleven equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $347.55.
Biogen (NASDAQ:BIIB) traded up 0.23% during mid-day trading on Thursday, reaching $312.72. The company had a trading volume of 840,933 shares. Biogen has a 12 month low of $223.02 and a 12 month high of $333.65. The firm has a market capitalization of $68.52 billion, a P/E ratio of 18.27 and a beta of 0.90. The stock’s 50-day moving average is $309.80 and its 200 day moving average is $275.12.
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Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Thursday, July 21st. The biotechnology company reported $5.21 EPS for the quarter, topping the Zacks’ consensus estimate of $4.69 by $0.52. The firm earned $2.89 billion during the quarter, compared to the consensus estimate of $2.79 billion. Biogen had a return on equity of 40.59% and a net margin of 33.97%. The firm’s revenue was up 11.7% on a year-over-year basis. During the same period in the prior year, the business earned $4.22 EPS. On average, analysts predict that Biogen will post $20.10 earnings per share for the current fiscal year.
In other news, CEO George A. Scangos sold 157 shares of the company’s stock in a transaction dated Thursday, July 21st. The stock was sold at an average price of $280.00, for a total transaction of $43,960.00. Following the completion of the sale, the chief executive officer now owns 54,779 shares in the company, valued at approximately $15,338,120. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.32% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Howard Hughes Medical Institute bought a new stake in Biogen during the first quarter valued at about $135,000. Kings Point Capital Management bought a new stake in Biogen during the second quarter valued at about $145,000. Signaturefd LLC increased its stake in Biogen by 217.7% in the second quarter. Signaturefd LLC now owns 718 shares of the biotechnology company’s stock valued at $174,000 after buying an additional 492 shares during the period. HighPoint Advisor Group LLC bought a new stake in Biogen during the second quarter valued at about $252,000. Finally, Lakeview Capital Partners LLC bought a new stake in Biogen during the second quarter valued at about $205,000. Institutional investors 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.
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