Biogen’s (BIIB) “Buy” Rating Reiterated at Jefferies Group
Biogen Inc. (NASDAQ:BIIB)‘s stock had its “buy” rating reissued by stock analysts at Jefferies Group in a note issued to investors on Tuesday. They currently have a $319.00 price target on the biotechnology company’s stock. Jefferies Group’s price objective points to a potential upside of 4.39% from the company’s current price.
Other equities research analysts also recently issued reports about the stock. Goldman Sachs Group Inc. restated a “hold” rating on shares of Biogen in a report on Saturday, April 23rd. Cowen and Company restated a “buy” rating on shares of Biogen in a report on Sunday, April 17th. Vetr downgraded shares of Biogen from a “hold” rating to a “sell” rating and set a $265.77 target price for the company. in a report on Monday, July 25th. Robert W. Baird restated a “neutral” rating and issued a $268.00 target price on shares of Biogen in a report on Monday, July 25th. Finally, HC Wainwright restated a “buy” rating and issued a $360.00 target price on shares of Biogen in a report on Wednesday, June 8th. Ten equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $347.34.
Shares of Biogen (NASDAQ:BIIB) traded down 0.13% during midday trading on Tuesday, hitting $305.59. 1,525,994 shares of the stock were exchanged. Biogen has a 12-month low of $223.02 and a 12-month high of $333.65. The firm has a 50 day moving average of $308.50 and a 200 day moving average of $279.69. The firm 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 issued 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. The business earned $2.89 billion during the quarter, compared to the consensus estimate of $2.79 billion. Biogen had a net margin of 33.97% and a return on equity of 40.59%. The company’s quarterly revenue was up 11.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.22 earnings per share. Equities analysts forecast that Biogen will post $20.08 EPS for the current fiscal year.
In other Biogen 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 transaction of $8,656,980.00. Following the sale, the director now directly owns 19,663 shares of the company’s stock, valued at $6,174,182. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO George A. Scangos sold 157 shares of the stock in a transaction on Thursday, July 21st. The stock was sold at an average price of $280.00, for a total transaction of $43,960.00. Following the sale, the chief executive officer now directly owns 54,779 shares in the company, valued at $15,338,120. The disclosure for this sale can be found here. Company insiders own 0.32% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Advisory Services Network LLC boosted its stake in shares of Biogen by 12.5% in the third quarter. Advisory Services Network LLC now owns 2,255 shares of the biotechnology company’s stock worth $706,000 after buying an additional 251 shares during the period. Catawba Capital Management VA purchased a new position in Biogen during the third quarter valued at approximately $216,000. Woodstock Corp raised its position in Biogen by 0.6% in the third quarter. Woodstock Corp now owns 2,547 shares of the biotechnology company’s stock valued at $797,000 after buying an additional 15 shares in the last quarter. Baystate Wealth Management LLC raised its position in Biogen by 0.5% in the third quarter. Baystate Wealth Management LLC now owns 1,019 shares of the biotechnology company’s stock valued at $319,000 after buying an additional 5 shares in the last quarter. Finally, North Star Asset Management Inc. purchased a new position in Biogen during the third quarter valued at approximately $207,000. 86.21% of the stock is currently 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.
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