Biogen (BIIB) Lifted to Outperform at Credit Suisse Group

Biogen (NASDAQ:BIIB) was upgraded by research analysts at Credit Suisse Group from a “neutral” rating to an “outperform” rating in a report released on Wednesday, MarketBeat Ratings reports. The brokerage currently has a $385.00 target price on the biotechnology company’s stock, up from their previous target price of $321.00. Credit Suisse Group’s target price suggests a potential upside of 15.45% from the company’s previous close.

A number of other equities research analysts have also recently commented on BIIB. Piper Jaffray Companies reiterated a “buy” rating and issued a $390.00 price target on shares of Biogen in a research note on Monday. Oppenheimer set a $350.00 price target on Biogen and gave the company a “buy” rating in a research note on Monday, December 4th. Vetr cut Biogen from a “strong-buy” rating to a “buy” rating and set a $319.53 price target for the company. in a research note on Wednesday, August 23rd. Sanford C. Bernstein set a $318.00 price target on Biogen and gave the company a “buy” rating in a research note on Tuesday, November 28th. Finally, BMO Capital Markets reiterated a “buy” rating and issued a $385.00 price target on shares of Biogen in a research note on Monday, November 27th. Eleven analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. Biogen presently has a consensus rating of “Buy” and a consensus price target of $347.64.

Shares of Biogen (NASDAQ:BIIB) traded up $6.45 during midday trading on Wednesday, hitting $333.47. The company had a trading volume of 1,273,442 shares, compared to its average volume of 1,050,000. The company has a quick ratio of 1.90, a current ratio of 2.19 and a debt-to-equity ratio of 0.46. The stock has a market cap of $70,520.00, a PE ratio of 15.10, a P/E/G ratio of 2.03 and a beta of 0.73. Biogen has a 1 year low of $244.28 and a 1 year high of $348.84.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Tuesday, October 24th. The biotechnology company reported $6.31 earnings per share for the quarter, topping analysts’ consensus estimates of $5.70 by $0.61. The firm had revenue of $3.08 billion during the quarter, compared to analysts’ expectations of $3.05 billion. Biogen had a return on equity of 38.51% and a net margin of 29.44%. The firm’s quarterly revenue was up 4.1% on a year-over-year basis. During the same period in the prior year, the business posted $5.19 EPS. analysts predict that Biogen will post 22.03 EPS for the current year.

In other news, Director Alexander J. Denner bought 30,000 shares of the firm’s stock in a transaction dated Wednesday, November 29th. The shares were acquired at an average price of $317.36 per share, for a total transaction of $9,520,800.00. Following the completion of the transaction, the director now directly owns 10,029 shares in the company, valued at approximately $3,182,803.44. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.25% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. purchased a new position in Biogen during the third quarter worth approximately $123,494,000. Botty Investors LLC lifted its position in Biogen by 75.0% during the second quarter. Botty Investors LLC now owns 11,232 shares of the biotechnology company’s stock worth $3,048,000 after buying an additional 4,812 shares in the last quarter. BB&T Securities LLC lifted its position in Biogen by 25.0% during the second quarter. BB&T Securities LLC now owns 12,989 shares of the biotechnology company’s stock worth $3,524,000 after buying an additional 2,598 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in Biogen by 9.6% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 5,948 shares of the biotechnology company’s stock worth $1,862,000 after buying an additional 520 shares in the last quarter. Finally, Neuberger Berman Group LLC lifted its position in Biogen by 18.6% during the second quarter. Neuberger Berman Group LLC now owns 27,974 shares of the biotechnology company’s stock worth $7,591,000 after buying an additional 4,389 shares in the last quarter. Institutional investors and hedge funds own 88.12% of the company’s stock.

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About Biogen

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).