Biogen Inc. (BIIB) Upgraded to Strong-Buy by Vetr Inc.
Biogen Inc. (NASDAQ:BIIB) was upgraded by research analysts at Vetr from a “buy” rating to a “strong-buy” rating in a report issued on Monday. The firm currently has a $346.47 price target on the biotechnology company’s stock. Vetr‘s price objective would indicate a potential upside of 13.78% from the stock’s current price.
Several other equities analysts also recently weighed in on the stock. Jefferies Group restated a “buy” rating on shares of Biogen in a report on Sunday, May 29th. BMO Capital Markets raised their target price on shares of Biogen from $286.00 to $304.00 and gave the company a “market perform” rating in a report on Monday, August 1st. Piper Jaffray Cos. restated a “neutral” rating on shares of Biogen in a report on Wednesday, August 3rd. Robert W. Baird restated a “positive” rating and set a $284.00 target price (up from $268.00) on shares of Biogen in a report on Monday, August 1st. Finally, HC Wainwright restated a “buy” rating and set a $360.00 target price on shares of Biogen in a report on Wednesday, June 8th. Eleven analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $346.22.
Biogen (NASDAQ:BIIB) traded up 0.56% during midday trading on Monday, hitting $304.51. 1,874,532 shares of the stock were exchanged. The firm has a 50 day moving average of $308.57 and a 200-day moving average of $273.54. The stock has a market cap of $66.72 billion, a price-to-earnings ratio of 17.79 and a beta of 0.90. Biogen has a 12-month low of $223.02 and a 12-month high of $333.65.
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Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Thursday, July 21st. The biotechnology company reported $5.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.69 by $0.52. The business earned $2.89 billion during the quarter, compared to the consensus estimate of $2.79 billion. Biogen had a net margin of 33.97% and a return on equity of 40.59%. The business’s revenue was up 11.7% compared to the same quarter last year. During the same quarter last year, the firm posted $4.22 EPS. On average, equities analysts expect that Biogen will post $20.10 earnings per share for the current year.
In other Biogen news, CEO George A. Scangos sold 157 shares of Biogen stock in a transaction on Thursday, July 21st. The shares were sold at an average price of $280.00, for a total value of $43,960.00. Following the completion of the transaction, the chief executive officer now owns 54,779 shares of the company’s stock, valued at $15,338,120. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.32% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the company. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in Biogen during the second quarter worth approximately $2,139,000. Kentucky Retirement Systems acquired a new position in Biogen during the second quarter worth approximately $4,505,000. Mason Street Advisors LLC acquired a new position in Biogen during the second quarter worth approximately $7,135,000. Northwestern Mutual Wealth Management Co. increased its position in shares of Biogen by 37.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,504 shares of the biotechnology company’s stock valued at $1,089,000 after buying an additional 1,220 shares during the period. Finally, CAPROCK Group Inc. increased its position in shares of Biogen by 13.6% in the second quarter. CAPROCK Group Inc. now owns 3,559 shares of the biotechnology company’s stock valued at $861,000 after buying an additional 426 shares during the period. 86.23% of the stock is owned by hedge funds and other institutional investors.
Biogen Company Profile
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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