Biogen Inc. (BIIB) Given “Overweight” Rating at JPMorgan Chase & Co.
Biogen Inc. (NASDAQ:BIIB)‘s stock had its “overweight” rating reaffirmed by JPMorgan Chase & Co. in a research note issued on Friday. They presently have a $386.00 price target on the biotechnology company’s stock. JPMorgan Chase & Co.’s price objective points to a potential upside of 26.31% from the company’s previous close.
BIIB has been the topic of a number of other reports. Vetr upgraded Biogen from a “buy” rating to a “strong-buy” rating and set a $343.10 price target on the stock in a research note on Thursday, September 29th. BMO Capital Markets restated a “market perform” rating and set a $304.00 price target on shares of Biogen in a research note on Tuesday. HC Wainwright restated a “buy” rating and set a $360.00 price target on shares of Biogen in a research note on Thursday, September 8th. Robert W. Baird reiterated a “neutral” rating and issued a $268.00 price objective on shares of Biogen in a research note on Wednesday, June 22nd. Finally, Morgan Stanley reduced their price objective on Biogen from $385.00 to $368.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 17th. Eleven research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $347.34.
Biogen (NASDAQ:BIIB) traded down 0.13% during mid-day trading on Friday, hitting $305.59. 1,525,938 shares of the company’s stock traded hands. The stock has a market cap of $66.96 billion, a PE ratio of 17.85 and a beta of 0.95. Biogen has a one year low of $223.02 and a one year high of $333.65. The firm’s 50-day moving average price is $308.72 and its 200-day moving average price is $279.34.
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Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Thursday, July 21st. The biotechnology company reported $5.21 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $2.79 billion. During the same period in the prior year, the firm earned $4.22 earnings per share. The firm’s revenue was up 11.7% compared to the same quarter last year. On average, analysts forecast that Biogen will post $20.08 EPS for the current fiscal year.
In related news, Director Caroline Dorsa sold 27,570 shares of the firm’s stock in a transaction dated Thursday, September 22nd. The shares were sold at an average price of $314.00, for a total value of $8,656,980.00. Following the completion of the sale, the director now owns 19,663 shares in the company, valued at $6,174,182. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO George A. Scangos sold 157 shares of the firm’s stock in a transaction dated Thursday, July 21st. The shares were 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 of the company’s stock, valued at approximately $15,338,120. The disclosure for this sale can be found here. 0.32% of the stock is currently owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. AMF Pensionsforsakring AB increased its stake in shares of Biogen by 6.4% in the first quarter. AMF Pensionsforsakring AB now owns 284,958 shares of the biotechnology company’s stock worth $74,180,000 after buying an additional 17,134 shares during the last quarter. Associated Banc Corp increased its stake in shares of Biogen by 4.9% in the first quarter. Associated Banc Corp now owns 14,622 shares of the biotechnology company’s stock worth $3,806,000 after buying an additional 688 shares during the last quarter. Ancora Inverness LLC purchased a new stake in shares of Biogen during the first quarter worth approximately $686,000. Spark Investment Management LLC purchased a new stake in shares of Biogen during the first quarter worth approximately $1,275,000. Finally, Hikari Power Ltd increased its stake in shares of Biogen by 371.4% in the first quarter. Hikari Power Ltd now owns 13,200 shares of the biotechnology company’s stock worth $3,436,000 after buying an additional 10,400 shares during the last quarter. Hedge funds and other 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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