Biogen (NASDAQ:BIIB) Given “Outperform” Rating at Oppenheimer

Oppenheimer reaffirmed their outperform rating on shares of Biogen (NASDAQ:BIIB) in a report published on Monday, Benzinga reports. They currently have a $270.00 price target on the biotechnology company’s stock.

Several other research firms have also weighed in on BIIB. Truist Financial restated a buy rating and set a $340.00 price objective on shares of Biogen in a research report on Monday, March 25th. Barclays decreased their price target on shares of Biogen from $215.00 to $200.00 and set an equal weight rating on the stock in a research report on Thursday, April 25th. William Blair reissued an outperform rating on shares of Biogen in a research note on Monday, April 1st. Robert W. Baird cut their target price on Biogen from $333.00 to $316.00 and set an outperform rating on the stock in a research report on Wednesday, February 14th. Finally, BMO Capital Markets decreased their price target on Biogen from $295.00 to $285.00 and set an outperform rating for the company in a research report on Wednesday, February 14th. Ten equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $293.88.

Biogen Price Performance

NASDAQ BIIB opened at $215.50 on Monday. The firm has a market capitalization of $31.38 billion, a PE ratio of 26.90, a P/E/G ratio of 2.13 and a beta of -0.02. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.32. Biogen has a 12 month low of $189.44 and a 12 month high of $319.76. The company’s 50 day simple moving average is $212.48 and its 200 day simple moving average is $233.02.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.45 by $0.22. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The company had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.31 billion. During the same period last year, the firm earned $3.40 EPS. The firm’s revenue for the quarter was down 7.0% on a year-over-year basis. As a group, equities research analysts forecast that Biogen will post 15.57 EPS for the current fiscal year.

Insider Buying and Selling at Biogen

In other news, insider Priya Singhal sold 419 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $239.45, for a total value of $100,329.55. Following the completion of the sale, the insider now directly owns 4,516 shares in the company, valued at $1,081,356.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Priya Singhal sold 419 shares of Biogen stock in a transaction on Monday, February 12th. The shares were sold at an average price of $239.45, for a total value of $100,329.55. Following the transaction, the insider now owns 4,516 shares in the company, valued at approximately $1,081,356.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eric K. Rowinsky bought 455 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were bought at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the transaction, the director now directly owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The disclosure for this purchase can be found here. Insiders have sold a total of 882 shares of company stock worth $202,030 over the last 90 days. Insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Biogen

Institutional investors have recently bought and sold shares of the business. ICICI Prudential Asset Management Co Ltd lifted its stake in Biogen by 15.0% during the fourth quarter. ICICI Prudential Asset Management Co Ltd now owns 35,989 shares of the biotechnology company’s stock worth $9,313,000 after purchasing an additional 4,693 shares during the period. Boone Capital Management LLC increased its position in shares of Biogen by 52.9% during the 3rd quarter. Boone Capital Management LLC now owns 96,115 shares of the biotechnology company’s stock worth $24,703,000 after purchasing an additional 33,238 shares in the last quarter. iA Global Asset Management Inc. increased its position in shares of Biogen by 35.2% during the 3rd quarter. iA Global Asset Management Inc. now owns 12,071 shares of the biotechnology company’s stock worth $3,102,000 after purchasing an additional 3,145 shares in the last quarter. Illinois Municipal Retirement Fund lifted its holdings in Biogen by 13.8% during the 3rd 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% in the fourth quarter. Dynamic Advisor Solutions LLC now owns 4,850 shares of the biotechnology company’s stock valued at $1,251,000 after buying an additional 285 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

About Biogen

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.