Oppenheimer reissued their outperform rating on shares of Biogen (NASDAQ:BIIB – Free Report) in a report published on Tuesday, Benzinga reports. Oppenheimer currently has a $295.00 price target on the biotechnology company’s stock.
BIIB has been the topic of several other research reports. StockNews.com raised shares of Biogen from a hold rating to a buy rating in a research note on Tuesday, January 23rd. BTIG Research reaffirmed a neutral rating on shares of Biogen in a report on Sunday, January 7th. Raymond James raised shares of Biogen from a market perform rating to an outperform rating and set a $283.00 price target on the stock in a research note on Thursday, December 7th. Morgan Stanley upped their price target on shares of Biogen from $361.00 to $373.00 and gave the stock an overweight rating in a research note on Friday, November 10th. Finally, UBS Group cut shares of Biogen from a buy rating to a neutral rating and decreased their price objective for the stock from $311.00 to $276.00 in a report on Wednesday, January 24th. Seven analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $318.17.
Biogen Price Performance
Biogen (NASDAQ:BIIB – Get Free Report) last announced its quarterly earnings results on Wednesday, November 8th. The biotechnology company reported $4.36 earnings per share for the quarter, beating analysts’ consensus estimates of $3.99 by $0.37. Biogen had a net margin of 14.63% and a return on equity of 16.40%. The firm had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.40 billion. During the same period in the previous year, the company earned $4.77 earnings per share. Biogen’s quarterly revenue was up .9% compared to the same quarter last year. Equities analysts expect that Biogen will post 14.95 EPS for the current fiscal year.
Insider Buying and Selling at Biogen
In related news, insider Priya Singhal sold 110 shares of the business’s stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $248.00, for a total transaction of $27,280.00. Following the transaction, the insider now directly owns 3,464 shares of the company’s stock, valued at approximately $859,072. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.60% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Biogen
Several hedge funds have recently modified their holdings of BIIB. Bank Julius Baer & Co. Ltd Zurich raised its position in Biogen by 176,592.0% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 2,079,665 shares of the biotechnology company’s stock valued at $592,393,000 after buying an additional 2,078,488 shares during the period. Norges Bank acquired a new position in Biogen in the 4th quarter worth about $362,129,000. Price T Rowe Associates Inc. MD increased its position in Biogen by 49.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,088,356 shares of the biotechnology company’s stock worth $580,627,000 after purchasing an additional 691,843 shares during the last quarter. International Assets Investment Management LLC increased its position in Biogen by 24,726.3% in the 4th quarter. International Assets Investment Management LLC now owns 476,913 shares of the biotechnology company’s stock worth $123,411,000 after purchasing an additional 474,992 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in Biogen by 204.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 446,602 shares of the biotechnology company’s stock worth $114,781,000 after purchasing an additional 300,086 shares during the last quarter. 85.99% of the stock is owned by hedge funds and other institutional investors.
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 offers 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.
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