Biogen (NASDAQ:BIIB) Sets New 12-Month High – Here’s What Happened

Biogen Inc. (NASDAQ:BIIB)’s share price reached a new 52-week high during mid-day trading on Monday. The stock traded as high as $259.32 and last traded at $260.5450, with a volume of 432,346 shares changing hands. The stock had previously closed at $248.35.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group restated a “buy” rating on shares of Biogen in a research report on Monday, July 13th. Canaccord Genuity Group lifted their price target on shares of Biogen from $248.00 to $272.00 and gave the company a “buy” rating in a report on Thursday, October 29th. Citigroup reiterated a “neutral” rating on shares of Biogen in a research note on Wednesday, October 28th. Truist Financial reiterated a “buy” rating and issued a $260.00 price target (up from $235.00) on shares of Biogen in a research note on Thursday, October 29th. Finally, TD Cowen increased their price objective on shares of Biogen from $250.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $254.41.

Biogen Trading Up 4.2%

The firm has a market cap of $38.25 billion, a P/E ratio of 110.62, a P/E/G ratio of 2.82 and a beta of 0.10. The stock has a 50 day simple moving average of $230.01 and a 200-day simple moving average of $203.04. The company has a current ratio of 1.95, a quick ratio of 1.37 and a debt-to-equity ratio of 0.39.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 EPS for the quarter, beating analysts’ consensus estimates of $1.99 by $0.63. Biogen had a return on equity of 9.38% and a net margin of 3.37%. The firm had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.63 billion. During the same period in the prior year, the company earned $4.81 EPS. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts expect that Biogen Inc. will post 12.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Biogen

A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new position in shares of Biogen in the 2nd quarter valued at about $3,453,878,000. Orbimed Advisors LLC bought a new stake in Biogen during the first quarter worth approximately $11,293,000. Saudi Central Bank increased its stake in Biogen by 89.7% during the second quarter. Saudi Central Bank now owns 10,273 shares of the biotechnology company’s stock worth $2,220,000 after acquiring an additional 4,858 shares during the last quarter. Tidal Investments LLC increased its stake in Biogen by 9.0% during the second quarter. Tidal Investments LLC now owns 63,842 shares of the biotechnology company’s stock worth $13,794,000 after acquiring an additional 5,256 shares during the last quarter. Finally, Nippon Life Global Investors Americas Inc. purchased a new stake in Biogen during the second quarter valued at approximately $29,648,000. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Company Profile

Biogen is a biotechnology company focused on developing and commercializing medicines for neurological and rare diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy and Friedreich’s ataxia.

Its products include multiple sclerosis treatments such as Tysabri, Tecfidera and Vumerity, and Skyclarys for Friedreich’s ataxia. Biogen shares rights to several medicines with other companies, including Leqembi for Alzheimer’s disease with Eisai and Spinraza for spinal muscular atrophy with Ionis Pharmaceuticals.

Founded in 1978, Biogen is headquartered in Cambridge, Massachusetts, and serves patients and healthcare providers in the United States and international markets.