Biogen’s (BIIB) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Biogen (NASDAQ:BIIB) in a research note issued to investors on Wednesday morning, Benzinga reports. The brokerage currently has a $294.00 target price on the biotechnology company’s stock.

Other equities research analysts have also recently issued reports about the company. Canaccord Genuity Group reduced their price objective on Biogen from $310.00 to $305.00 and set a buy rating for the company in a research report on Tuesday, February 20th. StockNews.com cut Biogen from a buy rating to a hold rating in a research report on Tuesday, February 20th. Bank of America reduced their price objective on Biogen from $280.00 to $260.00 and set a neutral rating for the company in a research report on Friday, April 12th. Royal Bank of Canada reissued an outperform rating and issued a $364.00 price objective on shares of Biogen in a research report on Tuesday, March 5th. Finally, Robert W. Baird reduced their price objective on Biogen from $333.00 to $316.00 and set an outperform rating for the company in a research report on Wednesday, February 14th. Ten analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $293.88.

Biogen Stock Up 3.2 %

Shares of Biogen stock opened at $208.90 on Wednesday. The stock has a market capitalization of $30.37 billion, a P/E ratio of 26.08, a PEG ratio of 1.92 and a beta of -0.02. The company has a quick ratio of 1.26, a current ratio of 2.10 and a debt-to-equity ratio of 0.41. The stock has a 50 day moving average price of $212.55 and a two-hundred day moving average price of $233.78. Biogen has a 12-month low of $189.44 and a 12-month high of $319.76.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.45 by $0.22. The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.31 billion. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The company’s revenue was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.40 earnings per share. Equities analysts expect that Biogen will post 15.48 earnings per share for the current year.

Insider Transactions at Biogen

In other news, insider Priya Singhal sold 419 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the sale, the insider now owns 4,516 shares in the company, valued at $1,081,356.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Priya Singhal sold 419 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was 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 $1,081,356.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Eric K. Rowinsky purchased 455 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was purchased at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the acquisition, the director now owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 882 shares of company stock worth $202,030. Insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Biogen

Hedge funds have recently added to or reduced their stakes in the company. Stratos Wealth Partners LTD. boosted its holdings in Biogen by 1.1% during the third quarter. Stratos Wealth Partners LTD. now owns 4,032 shares of the biotechnology company’s stock worth $1,036,000 after buying an additional 42 shares during the last quarter. Sequoia Financial Advisors LLC boosted its holdings in Biogen by 2.3% during the third quarter. Sequoia Financial Advisors LLC now owns 2,043 shares of the biotechnology company’s stock worth $525,000 after buying an additional 45 shares during the last quarter. PAX Financial Group LLC boosted its holdings in Biogen by 2.9% during the third quarter. PAX Financial Group LLC now owns 1,577 shares of the biotechnology company’s stock worth $405,000 after buying an additional 45 shares during the last quarter. Cary Street Partners Investment Advisory LLC boosted its holdings in Biogen by 2.4% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 1,955 shares of the biotechnology company’s stock worth $502,000 after buying an additional 45 shares during the last quarter. Finally, Ballentine Partners LLC boosted its holdings in Biogen by 3.2% during the third quarter. Ballentine Partners LLC now owns 1,528 shares of the biotechnology company’s stock worth $393,000 after buying an additional 48 shares during the last quarter. Institutional investors own 87.93% of the company’s stock.

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.