Needham & Company LLC restated their hold rating on shares of Biogen (NASDAQ:BIIB – Free Report) in a research note issued to investors on Thursday morning,Benzinga reports.
A number of other equities analysts have also recently issued reports on the company. BMO Capital Markets lowered their target price on Biogen from $156.00 to $139.00 and set a “market perform” rating for the company in a report on Thursday, February 13th. Piper Sandler lowered their price objective on Biogen from $135.00 to $115.00 and set a “neutral” rating for the company in a research note on Tuesday, April 29th. Citigroup dropped their price objective on shares of Biogen from $160.00 to $145.00 and set a “neutral” rating for the company in a report on Thursday, February 13th. Canaccord Genuity Group reduced their target price on shares of Biogen from $265.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, May 2nd. Finally, Morgan Stanley decreased their price target on shares of Biogen from $157.00 to $152.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 9th. Twenty investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $188.19.
Read Our Latest Stock Analysis on BIIB
Biogen Trading Down 0.6%
Biogen (NASDAQ:BIIB – Get Free Report) last posted its earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share for the quarter, missing analysts’ consensus estimates of $3.26 by ($0.24). The company had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.25 billion. Biogen had a return on equity of 14.98% and a net margin of 16.87%. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.67 EPS. Equities research analysts forecast that Biogen will post 15.83 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new stake in Biogen in the fourth quarter worth $355,569,000. Van ECK Associates Corp boosted its position in shares of Biogen by 977.9% during the 4th quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company’s stock worth $163,083,000 after purchasing an additional 967,523 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Biogen by 153.6% in the 1st quarter. AQR Capital Management LLC now owns 1,368,842 shares of the biotechnology company’s stock valued at $187,258,000 after buying an additional 829,150 shares during the period. OVERSEA CHINESE BANKING Corp Ltd grew its stake in shares of Biogen by 1,663.4% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 780,567 shares of the biotechnology company’s stock valued at $106,813,000 after buying an additional 736,301 shares during the period. Finally, Invesco Ltd. increased its position in Biogen by 30.6% in the 4th quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company’s stock valued at $325,537,000 after buying an additional 499,074 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.
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