Biogen’s (BIIB) “Overweight” Rating Reiterated at Piper Jaffray Companies
Biogen Inc. (NASDAQ:BIIB)‘s stock had its “overweight” rating restated by equities researchers at Piper Jaffray Companies in a research report issued to clients and investors on Monday. They presently have a $390.00 price objective on the biotechnology company’s stock. Piper Jaffray Companies’ target price would indicate a potential upside of 15.35% from the stock’s current price.
Other research analysts have also issued research reports about the stock. Deutsche Bank AG restated a “buy” rating and issued a $319.00 price target (up previously from $315.00) on shares of Biogen in a report on Wednesday, July 26th. Goldman Sachs Group, Inc. (The) upgraded shares of Biogen from a “neutral” rating to a “buy” rating and raised their price target for the company from $228.00 to $338.00 in a report on Wednesday, July 26th. Vetr lowered shares of Biogen from a “strong-buy” rating to a “buy” rating and set a $309.45 price target on the stock. in a report on Wednesday, July 5th. Cowen and Company restated a “buy” rating on shares of Biogen in a report on Thursday, July 27th. Finally, BidaskClub upgraded shares of Biogen from a “hold” rating to a “buy” rating in a report on Friday, August 4th. Twelve investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $338.59.
Biogen (BIIB) opened at 338.10 on Monday. The firm has a market cap of $71.48 billion, a PE ratio of 22.19 and a beta of 0.77. Biogen has a one year low of $244.28 and a one year high of $348.84. The company has a 50 day moving average of $324.65 and a 200-day moving average of $285.82.
Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $4.36 by $0.68. Biogen had a net margin of 28.10% and a return on equity of 37.42%. The firm had revenue of $3.08 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same quarter last year, the firm posted $5.21 earnings per share. Biogen’s revenue for the quarter was up 6.4% compared to the same quarter last year. On average, equities research analysts predict that Biogen will post $21.63 earnings per share for the current year.
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In other Biogen news, EVP Susan H. Alexander sold 4,974 shares of the firm’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $290.01, for a total value of $1,442,509.74. Following the sale, the executive vice president now directly owns 22,258 shares in the company, valued at $6,455,042.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.25% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. Whittier Trust Co. lifted its stake in Biogen by 3.9% in the third quarter. Whittier Trust Co. now owns 19,938 shares of the biotechnology company’s stock valued at $6,243,000 after buying an additional 746 shares during the last quarter. Bender Robert & Associates lifted its stake in Biogen by 2.8% in the third quarter. Bender Robert & Associates now owns 9,601 shares of the biotechnology company’s stock valued at $3,006,000 after buying an additional 266 shares during the last quarter. APG Asset Management N.V. lifted its stake in Biogen by 6.9% in the third quarter. APG Asset Management N.V. now owns 475,427 shares of the biotechnology company’s stock valued at $148,866,000 after buying an additional 30,700 shares during the last quarter. Barometer Capital Management Inc. bought a new stake in Biogen in the third quarter valued at $5,166,000. Finally, Farmers & Merchants Investments Inc. lifted its stake in Biogen by 4.1% in the third quarter. Farmers & Merchants Investments Inc. now owns 18,257 shares of the biotechnology company’s stock valued at $5,717,000 after buying an additional 723 shares during the last quarter. Institutional investors own 87.62% of the company’s stock.
Biogen Company Profile
Biogen Inc is a biopharmaceutical company. The Company focuses on discovering, developing, manufacturing and delivering therapies to people living with serious neurological, rare and autoimmune diseases. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA and FAMPYRA for multiple sclerosis (MS), FUMADERM for the treatment of severe plaque psoriasis and SPINRAZA for the treatment of spinal muscular atrophy (SMA).
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