Biogen (BIIB) Stock Rating Reaffirmed by Mizuho
Biogen (NASDAQ:BIIB)‘s stock had its “buy” rating restated by equities research analysts at Mizuho in a research note issued on Thursday.
The analysts wrote, “We also note full year 2017 consensus is already above the company’s guidance on both top and bottom lines (guidance last updated in 2Q17) 1. Spinraza. We believe investors will continue to be focused on the performance of the Spinraza launch and information from management on uptake trends. At the recent JPM conference, BIIB commented that for Spinraza they see a benefit from the new launch period in large territories and then a moderate rate of growth, noting that they see reasonable growth in the US in the coming quarters and that a lot of the growth will come outside the US as new countries receive approvals. This was similar to commentary from management in the 3Q17 call. Consensus has 4Q over 3Q growth of 11% and 51% in the US and Ex-US for Spinraza.””
A number of other equities research analysts also recently issued reports on the company. Guggenheim initiated coverage on Biogen in a research report on Monday, October 23rd. They set a “buy” rating and a $402.00 price target for the company. SunTrust Banks initiated coverage on Biogen in a research report on Wednesday, September 20th. They set a “buy” rating and a $360.00 price target for the company. Bank of America boosted their price target on Biogen from $358.00 to $365.00 and gave the company a “buy” rating in a research report on Wednesday, October 18th. Morgan Stanley reissued a “buy” rating on shares of Biogen in a research report on Tuesday, October 17th. Finally, Stifel Nicolaus raised Biogen from a “hold” rating to a “buy” rating and boosted their price target for the company from $300.00 to $415.00 in a research report on Tuesday, October 17th. Nine equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $353.75.
Biogen (NASDAQ:BIIB) last released its earnings results on Tuesday, October 24th. The biotechnology company reported $6.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $5.70 by $0.61. The firm had revenue of $3.08 billion during the quarter, compared to analyst estimates of $3.05 billion. Biogen had a return on equity of 38.51% and a net margin of 29.44%. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.19 earnings per share. equities research analysts forecast that Biogen will post 21.99 EPS for the current fiscal year.
In other Biogen news, Director Alexander J. Denner purchased 30,000 shares of Biogen stock in a transaction that occurred on Wednesday, November 29th. The stock was purchased at an average price of $317.36 per share, with a total value of $9,520,800.00. Following the completion of the acquisition, the director now owns 10,029 shares of the company’s stock, valued at approximately $3,182,803.44. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michel Vounatsos purchased 780 shares of Biogen stock in a transaction that occurred on Saturday, December 29th. The stock was acquired at an average cost of $320.55 per share, with a total value of $250,029.00. Following the acquisition, the chief executive officer now directly owns 4,879 shares of the company’s stock, valued at approximately $1,563,963.45. The disclosure for this purchase can be found here. Insiders bought 31,560 shares of company stock valued at $10,020,858 in the last ninety days. Company insiders own 0.25% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of BIIB. Baystate Wealth Management LLC raised its stake in Biogen by 0.5% during 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. Dillon & Associates Inc. raised its stake in Biogen by 0.3% during the first quarter. Dillon & Associates Inc. now owns 1,785 shares of the biotechnology company’s stock valued at $487,000 after buying an additional 5 shares in the last quarter. Capital Analysts LLC raised its stake in Biogen by 1.4% during the fourth quarter. Capital Analysts LLC now owns 423 shares of the biotechnology company’s stock valued at $120,000 after buying an additional 6 shares in the last quarter. Bienville Capital Management LLC raised its stake in Biogen by 0.7% during the fourth quarter. Bienville Capital Management LLC now owns 861 shares of the biotechnology company’s stock valued at $244,000 after buying an additional 6 shares in the last quarter. Finally, Beacon Trust Co. raised its stake in Biogen by 0.5% during the first quarter. Beacon Trust Co. now owns 1,135 shares of the biotechnology company’s stock valued at $328,000 after buying an additional 6 shares in the last quarter. 88.14% of the stock is owned by hedge funds and other institutional investors.
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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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