Biogen (NASDAQ:BIIB) Rating Reiterated by Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Biogen (NASDAQ:BIIB) in a research report sent to investors on Wednesday, Benzinga reports. They currently have a $294.00 price objective on the biotechnology company’s stock.

BIIB has been the topic of several other research reports. Mizuho cut their price target on Biogen from $355.00 to $277.00 and set a buy rating on the stock in a report on Thursday, February 22nd. Bank Of America (Bofa) reduced their price target on shares of Biogen from $290.00 to $280.00 and set a neutral rating for the company in a research report on Monday, February 12th. Cantor Fitzgerald restated an overweight rating and set a $311.00 price objective on shares of Biogen in a report on Tuesday, February 20th. William Blair reiterated an outperform rating on shares of Biogen in a report on Monday, April 1st. Finally, Truist Financial restated a buy rating and issued a $340.00 target price on shares of Biogen in a report on Thursday, May 16th. Ten investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, Biogen has an average rating of Moderate Buy and an average target price of $288.46.

Biogen Stock Performance

Shares of BIIB stock opened at $225.21 on Wednesday. The firm has a 50 day moving average of $212.94 and a 200-day moving average of $229.92. The company has a market cap of $32.79 billion, a price-to-earnings ratio of 28.12, a price-to-earnings-growth ratio of 2.35 and a beta of -0.01. The company has a quick ratio of 1.32, a current ratio of 2.10 and a debt-to-equity ratio of 0.41. Biogen has a 52 week low of $189.44 and a 52 week high of $319.76.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, topping analysts’ consensus estimates of $3.45 by $0.22. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.31 billion. During the same period last year, the company posted $3.40 earnings per share. The business’s quarterly revenue was down 7.0% on a year-over-year basis. On average, equities analysts forecast that Biogen will post 15.59 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BIIB. ICICI Prudential Asset Management Co Ltd lifted its stake in Biogen by 15.0% in the fourth quarter. ICICI Prudential Asset Management Co Ltd now owns 35,989 shares of the biotechnology company’s stock valued at $9,313,000 after purchasing an additional 4,693 shares during the last quarter. Boone Capital Management LLC increased its holdings in Biogen by 52.9% in the 3rd quarter. Boone Capital Management LLC now owns 96,115 shares of the biotechnology company’s stock worth $24,703,000 after acquiring an additional 33,238 shares during the last quarter. iA Global Asset Management Inc. raised its stake in Biogen by 35.2% in the 3rd quarter. iA Global Asset Management Inc. now owns 12,071 shares of the biotechnology company’s stock valued at $3,102,000 after acquiring an additional 3,145 shares during the period. Illinois Municipal Retirement Fund lifted its holdings in Biogen by 13.8% during the third quarter. Illinois Municipal Retirement Fund now owns 68,391 shares of the biotechnology company’s stock valued at $17,577,000 after purchasing an additional 8,291 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC boosted its position in Biogen by 6.2% during the fourth quarter. Dynamic Advisor Solutions LLC now owns 4,850 shares of the biotechnology company’s stock worth $1,251,000 after purchasing an additional 285 shares during the period. 87.93% of the stock is owned by institutional investors.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer's disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.