Biogen (BIIB) Upgraded to Buy at Credit Suisse Group

Biogen (NASDAQ:BIIB) was upgraded by equities researchers at Credit Suisse Group to a “buy” rating in a report released on Wednesday. The brokerage currently has a $384.00 target price on the biotechnology company’s stock. Credit Suisse Group’s target price would suggest a potential upside of 23.16% from the stock’s current price.

Several other brokerages have also recently weighed in on BIIB. Deutsche Bank restated a “buy” rating and set a $373.00 price objective on shares of Biogen in a research note on Friday, January 26th. Oppenheimer lifted their target price on Biogen from $380.00 to $400.00 and gave the stock a “buy” rating in a research note on Friday, January 26th. Jefferies Group reiterated a “hold” rating on shares of Biogen in a research note on Friday, January 26th. BMO Capital Markets reiterated a “buy” rating on shares of Biogen in a research note on Thursday, January 25th. Finally, Cowen reiterated a “buy” rating and set a $408.00 target price on shares of Biogen in a research note on Friday, January 26th. Eight equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $368.99.

Shares of Biogen (NASDAQ BIIB) traded down $15.10 during trading hours on Wednesday, reaching $311.79. The company’s stock had a trading volume of 1,385,848 shares, compared to its average volume of 1,240,000. The company has a current ratio of 2.34, a quick ratio of 2.07 and a debt-to-equity ratio of 0.47. Biogen has a fifty-two week low of $244.28 and a fifty-two week high of $370.57. The company has a market cap of $65,940.00, a PE ratio of 26.18, a PEG ratio of 1.73 and a beta of 0.75.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Thursday, January 25th. The biotechnology company reported $5.26 earnings per share for the quarter, missing the consensus estimate of $5.44 by ($0.18). Biogen had a net margin of 20.69% and a return on equity of 38.32%. The company had revenue of $3.31 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter last year, the business posted $5.04 earnings per share. Biogen’s revenue was up 15.1% on a year-over-year basis. equities research analysts forecast that Biogen will post 24.88 earnings per share for the current year.

In other Biogen news, Director Robert W. Pangia sold 5,832 shares of Biogen stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $329.65, for a total transaction of $1,922,518.80. Following the completion of the transaction, the director now owns 23,539 shares of the company’s stock, valued at approximately $7,759,631.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Alexander J. Denner bought 30,000 shares of Biogen stock in a transaction on Wednesday, November 29th. The shares were bought at an average cost of $317.36 per share, with a total value of $9,520,800.00. Following the acquisition, the director now directly owns 10,029 shares in the company, valued at $3,182,803.44. The disclosure for this purchase can be found here. Insiders have acquired a total of 31,560 shares of company stock valued at $10,020,858 in the last ninety days. Insiders own 0.25% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. Ameriprise Financial Inc. grew its holdings in shares of Biogen by 35.1% during the third quarter. Ameriprise Financial Inc. now owns 2,309,394 shares of the biotechnology company’s stock worth $723,142,000 after purchasing an additional 600,384 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Biogen by 24.0% during the third quarter. Bank of New York Mellon Corp now owns 2,325,987 shares of the biotechnology company’s stock worth $728,314,000 after purchasing an additional 450,207 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Biogen during the third quarter worth about $123,494,000. Jackson Square Partners LLC grew its holdings in shares of Biogen by 9.3% during the third quarter. Jackson Square Partners LLC now owns 2,249,253 shares of the biotechnology company’s stock worth $704,286,000 after purchasing an additional 191,526 shares in the last quarter. Finally, Schroder Investment Management Group grew its holdings in shares of Biogen by 61.9% during the third quarter. Schroder Investment Management Group now owns 495,471 shares of the biotechnology company’s stock worth $153,596,000 after purchasing an additional 189,501 shares in the last quarter. 88.11% of the stock is owned by institutional investors and hedge funds.

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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).

Analyst Recommendations for Biogen (NASDAQ:BIIB)

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