Biogen Inc. (BIIB) Raised to Buy at Vetr Inc.
Biogen Inc. (NASDAQ:BIIB) was upgraded by analysts at Vetr from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday. The brokerage currently has 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 company’s previous close.
A number of other equities analysts have also weighed in on the stock. Morgan Stanley restated a “buy” rating on shares of Biogen in a research report on Thursday, June 30th. Sanford C. Bernstein initiated coverage on shares of Biogen in a research report on Wednesday, June 29th. They set an “outperform” rating and a $282.00 price target on the stock. Piper Jaffray Cos. restated a “neutral” rating and set a $333.00 price target (up from $293.00) on shares of Biogen in a research report on Tuesday, August 16th. Zacks Investment Research upgraded shares of Biogen from a “hold” rating to a “buy” rating and set a $321.00 price target on the stock in a research report on Wednesday, July 27th. Finally, Jefferies Group restated a “buy” rating and set a $319.00 price target on shares of Biogen in a research report on Sunday, September 4th. Ten equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Biogen has a consensus rating of “Buy” and an average target price of $347.34.
Biogen (NASDAQ:BIIB) opened at 305.59 on Monday. The stock’s 50 day moving average is $308.50 and its 200-day moving average is $279.69. Biogen has a 12 month low of $223.02 and a 12 month high of $333.65. The stock has a market capitalization of $66.96 billion, a price-to-earnings ratio of 17.85 and a beta of 0.95.
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Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Thursday, July 21st. The biotechnology company reported $5.21 earnings per share for the quarter, topping analysts’ consensus estimates of $4.69 by $0.52. The firm had revenue of $2.89 billion for the quarter, compared to analyst estimates of $2.79 billion. Biogen had a net margin of 33.97% and a return on equity of 40.59%. Biogen’s quarterly revenue was up 11.7% on a year-over-year basis. During the same period in the previous year, the business posted $4.22 earnings per share. On average, equities research analysts expect that Biogen will post $20.08 earnings per share for the current year.
In related news, EVP Adriana Karaboutis sold 262 shares of the stock in a transaction on Tuesday, October 4th. The shares were sold at an average price of $311.94, for a total value of $81,728.28. Following the transaction, the executive vice president now directly owns 7,579 shares of the company’s stock, valued at approximately $2,364,193.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, 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 completion of the transaction, the director now directly owns 19,663 shares in the company, valued at $6,174,182. The disclosure for this sale can be found here. 0.32% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the company. UBS Asset Management Americas Inc. boosted its stake in shares of Biogen by 17.4% in the first quarter. UBS Asset Management Americas Inc. now owns 1,124,950 shares of the biotechnology company’s stock worth $292,847,000 after buying an additional 166,534 shares in the last quarter. Primecap Management Co. CA boosted its stake in shares of Biogen by 2.8% in the first quarter. Primecap Management Co. CA now owns 16,246,726 shares of the biotechnology company’s stock worth $4,229,348,000 after buying an additional 436,101 shares in the last quarter. Meeder Asset Management Inc. boosted its stake in shares of Biogen by 274.9% in the first quarter. Meeder Asset Management Inc. now owns 5,814 shares of the biotechnology company’s stock worth $1,513,000 after buying an additional 4,263 shares in the last quarter. BB&T Securities LLC boosted its stake in shares of Biogen by 2.5% in the first quarter. BB&T Securities LLC now owns 11,633 shares of the biotechnology company’s stock worth $3,028,000 after buying an additional 289 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. boosted its stake in shares of Biogen by 9.6% in the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,663 shares of the biotechnology company’s stock worth $1,214,000 after buying an additional 410 shares in the last quarter. Hedge funds and other institutional investors own 86.21% of the company’s stock.
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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