Biogen Inc. (BIIB) Downgraded by Vetr Inc. to Hold
Biogen Inc. (NASDAQ:BIIB) was downgraded by equities research analysts at Vetr from a “buy” rating to a “hold” rating in a research report issued on Tuesday. They presently have a $321.54 price objective on the biotechnology company’s stock. Vetr‘s target price points to a potential upside of 5.22% from the stock’s previous close.
Several other equities research analysts have also commented on BIIB. Citigroup Inc. lowered shares of Biogen from a “buy” rating to a “neutral” rating and cut their price target for the stock from $345.00 to $295.00 in a research note on Tuesday, June 7th. Leerink Swann reiterated a “market perform” rating and set a $319.00 price target on shares of Biogen in a research note on Tuesday, June 7th. Piper Jaffray Cos. restated a “hold” rating and issued a $293.00 price objective on shares of Biogen in a research note on Tuesday, June 7th. BMO Capital Markets restated a “market perform” rating and issued a $287.00 price objective on shares of Biogen in a research note on Wednesday, June 8th. Finally, Wells Fargo & Co. restated a “buy” rating on shares of Biogen in a research note on Wednesday, June 8th. Ten research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $347.34.
Biogen (NASDAQ:BIIB) traded down 0.13% during midday trading on Tuesday, hitting $305.59. 1,525,994 shares of the stock traded hands. Biogen has a one year low of $223.02 and a one year high of $333.65. The company’s 50 day moving average is $308.50 and its 200-day moving average is $279.69. The company has a market cap of $66.96 billion, a P/E ratio of 17.85 and a beta of 0.95.
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Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Thursday, July 21st. The biotechnology company reported $5.21 EPS for the quarter, topping the Thomson Reuters’ 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 analyst estimates of $2.79 billion. During the same period last year, the business earned $4.22 EPS. Biogen’s revenue for the quarter was up 11.7% compared to the same quarter last year. On average, equities research analysts forecast that Biogen will post $20.08 EPS for the current fiscal year.
In other news, Director Caroline Dorsa sold 27,570 shares of the stock in a transaction on 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 of the company’s stock, valued at $6,174,182. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Adriana Karaboutis sold 380 shares of the stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $313.00, for a total transaction of $118,940.00. Following the completion of the sale, the executive vice president now directly owns 7,172 shares of the company’s stock, valued at approximately $2,244,836. The disclosure for this sale can be found here. 0.32% of the stock is currently owned by insiders.
Several large investors have recently added to or reduced their stakes in the company. Primecap Management Co. CA raised its stake in Biogen by 2.8% in the first quarter. Primecap Management Co. CA now owns 16,246,726 shares of the biotechnology company’s stock valued at $4,229,348,000 after buying an additional 436,101 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Biogen by 1.4% in the second quarter. Vanguard Group Inc. now owns 13,544,616 shares of the biotechnology company’s stock valued at $3,275,359,000 after buying an additional 182,714 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in shares of Biogen by 0.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 5,816,485 shares of the biotechnology company’s stock valued at $1,406,542,000 after buying an additional 50,433 shares during the period. BlackRock Fund Advisors increased its position in shares of Biogen by 1.5% in the second quarter. BlackRock Fund Advisors now owns 4,843,447 shares of the biotechnology company’s stock valued at $1,171,242,000 after buying an additional 71,709 shares during the period. Finally, Alliancebernstein L.P. increased its position in shares of Biogen by 0.7% in the second quarter. Alliancebernstein L.P. now owns 3,184,239 shares of the biotechnology company’s stock valued at $770,013,000 after buying an additional 21,307 shares during the period. 86.21% of the stock is owned by institutional investors.
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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