Vetr Inc. Downgrades Biogen Inc. (BIIB) to Hold
Biogen Inc. (NASDAQ:BIIB) was downgraded by equities research analysts at Vetr from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday. They currently have a $309.27 price objective on the biotechnology company’s stock. Vetr‘s target price points to a potential upside of 5.08% from the company’s previous close.
Several other research analysts have also recently weighed in on the stock. Piper Jaffray Cos. restated a “neutral” rating and issued a $333.00 price objective (up from $293.00) on shares of Biogen in a research report on Tuesday, August 16th. Jefferies Group reaffirmed a “buy” rating and issued a $319.00 target price on shares of Biogen in a research note on Sunday, September 4th. Bank of America Corp. reaffirmed a “buy” rating and issued a $374.00 target price on shares of Biogen in a research note on Thursday, September 22nd. BMO Capital Markets upped their target price on Biogen from $286.00 to $304.00 and gave the stock a “market perform” rating in a research note on Monday, August 1st. Finally, Leerink Swann set a $367.00 target price on Biogen and gave the stock a “hold” rating in a research note on Wednesday, October 12th. Ten equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. Biogen has a consensus rating of “Buy” and an average price target of $338.60.
Shares of Biogen (NASDAQ:BIIB) opened at 294.07 on Tuesday. Biogen has a 1-year low of $223.02 and a 1-year high of $333.65. The stock has a 50 day moving average of $299.83 and a 200 day moving average of $287.80. The company has a market cap of $63.98 billion, a price-to-earnings ratio of 16.63 and a beta of 0.75.
Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, October 26th. The biotechnology company reported $5.19 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $4.97 by $0.22. The company had revenue of $2.96 billion for the quarter, compared to analysts’ expectations of $2.91 billion. Biogen had a net margin of 34.03% and a return on equity of 40.02%. Biogen’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the prior year, the business earned $4.48 earnings per share. Analysts predict that Biogen will post $20.22 EPS for the current year.
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In other news, EVP Adriana Karaboutis sold 262 shares of Biogen stock in a transaction dated Tuesday, October 4th. The stock was sold at an average price of $311.94, for a total transaction of $81,728.28. Following the transaction, the executive vice president now directly owns 7,579 shares of the company’s stock, valued at approximately $2,364,193.26. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Caroline Dorsa sold 27,570 shares of Biogen stock in a transaction dated Thursday, September 22nd. The shares were sold at an average price of $314.00, for a total value of $8,656,980.00. Following the transaction, the director now directly owns 19,663 shares in the company, valued at $6,174,182. The disclosure for this sale can be found here. 0.32% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Assetmark Inc. boosted its position in Biogen by 10.4% in the third quarter. Assetmark Inc. now owns 415 shares of the biotechnology company’s stock worth $130,000 after buying an additional 39 shares during the last quarter. Quadrant Capital Group LLC boosted its position in Biogen by 7.8% in the third quarter. Quadrant Capital Group LLC now owns 470 shares of the biotechnology company’s stock worth $136,000 after buying an additional 34 shares during the last quarter. Winfield Associates Inc. boosted its position in Biogen by 10.0% in the third quarter. Winfield Associates Inc. now owns 440 shares of the biotechnology company’s stock worth $138,000 after buying an additional 40 shares during the last quarter. Balentine LLC boosted its position in Biogen by 685.7% in the third quarter. Balentine LLC now owns 440 shares of the biotechnology company’s stock worth $138,000 after buying an additional 384 shares during the last quarter. Finally, Kings Point Capital Management bought a new position in Biogen during the second quarter worth $145,000. 86.43% of the stock is currently owned by hedge funds and other institutional investors.
Biogen Inc, formerly Biogen Idec Inc, is a biopharmaceutical company. The Company operates in discovering, developing, manufacturing and delivering therapies to patients for the treatment of neurodegenerative diseases, hematologic conditions and autoimmune disorders segment. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for multiple sclerosis (MS), ELOCTATE for hemophilia A and ALPROLIX for hemophilia B, and FUMADERM for the treatment of severe plaque psoriasis.
To view Vetr’s full report, visit Vetr’s official website.
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