Biogen Inc. (NASDAQ:BIIB) Downgraded by Vetr Inc.
Biogen Inc. (NASDAQ:BIIB) was downgraded by Vetr from a “buy” rating to a “hold” rating in a research report issued on Wednesday. They presently have a $298.30 price objective on the biotechnology company’s stock. Vetr‘s target price indicates a potential upside of 0.91% from the company’s current price.
A number of other research firms also recently issued reports on BIIB. BMO Capital Markets dropped their price objective on shares of Biogen from $328.00 to $284.70 and set a “market perform” rating for the company in a report on Wednesday. Stifel Nicolaus upped their price objective on shares of Biogen from $265.00 to $280.00 and gave the company a “hold” rating in a research note on Wednesday, April 26th. UBS AG reaffirmed a “neutral” rating and set a $285.00 price objective (up from $270.00) on shares of Biogen in a research note on Wednesday. Goldman Sachs Group, Inc. (The) raised shares of Biogen from a “neutral” rating to a “buy” rating and upped their price objective for the company from $228.00 to $338.00 in a research note on Wednesday. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $311.00 price objective (up from $301.00) on shares of Biogen in a research note on Wednesday. Fourteen investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $327.16.
Biogen (NASDAQ BIIB) traded up 4.47% during midday trading on Wednesday, hitting $295.61. The stock had a trading volume of 3,014,605 shares. The company has a 50-day moving average of $272.62 and a 200-day moving average of $273.66. Biogen has a 1-year low of $244.28 and a 1-year high of $307.76. The stock has a market cap of $62.70 billion, a price-to-earnings ratio of 18.51 and a beta of 0.78.
Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 EPS for the quarter, beating analysts’ consensus estimates of $4.36 by $0.68. The firm had revenue of $3.08 billion during the quarter, compared to analyst estimates of $2.81 billion. Biogen had a net margin of 30.17% and a return on equity of 38.17%. The business’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same period in the previous year, the business earned $5.21 EPS. Equities research analysts forecast that Biogen will post $20.96 EPS for the current year.
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In other Biogen news, CEO Michel Vounatsos acquired 1,402 shares of the company’s stock in a transaction on Monday, May 1st. The stock was acquired at an average cost of $271.35 per share, with a total value of $380,432.70. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Susan H. Alexander sold 4,974 shares of Biogen stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $290.01, for a total transaction of $1,442,509.74. Following the completion of the transaction, the executive vice president now directly owns 22,258 shares of the company’s stock, valued at $6,455,042.58. The disclosure for this sale can be found here. Insiders sold a total of 13,816 shares of company stock valued at $3,931,380 over the last three months. Corporate insiders own 0.32% of the company’s stock.
Institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its position in shares of Biogen by 2,762.0% in the first quarter. BlackRock Inc. now owns 17,692,259 shares of the biotechnology company’s stock worth $4,837,418,000 after buying an additional 17,074,075 shares during the last quarter. Vanguard Group Inc. raised its stake in Biogen by 2.4% in the first quarter. Vanguard Group Inc. now owns 14,352,490 shares of the biotechnology company’s stock valued at $3,924,258,000 after buying an additional 342,568 shares during the period. State Street Corp raised its stake in Biogen by 2.3% in the first quarter. State Street Corp now owns 9,580,383 shares of the biotechnology company’s stock valued at $2,619,469,000 after buying an additional 219,502 shares during the period. Clearbridge Investments LLC raised its stake in Biogen by 4.0% in the first quarter. Clearbridge Investments LLC now owns 9,121,025 shares of the biotechnology company’s stock valued at $2,493,871,000 after buying an additional 351,224 shares during the period. Finally, Alliancebernstein L.P. raised its stake in Biogen by 11.1% in the first quarter. Alliancebernstein L.P. now owns 2,937,319 shares of the biotechnology company’s stock valued at $803,122,000 after buying an additional 294,308 shares during the period. 87.50% of the stock is owned by institutional investors and hedge funds.
Biogen Company Profile
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).
To view Vetr’s full report, visit Vetr’s official website.
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