Needham & Company LLC Reiterates Buy Rating for Biogen (NASDAQ:BIIB)

Needham & Company LLC reiterated their buy rating on shares of Biogen (NASDAQ:BIIB) in a research report released on Wednesday morning, Benzinga reports. They currently have a $294.00 price objective on the biotechnology company’s stock.

A number of other research firms have also recently weighed in on BIIB. UBS Group decreased their target price on shares of Biogen from $250.00 to $214.00 and set a neutral rating on the stock in a research note on Wednesday, April 17th. Truist Financial reaffirmed a buy rating and set a $340.00 target price on shares of Biogen in a research note on Monday, March 25th. Barclays decreased their target price on shares of Biogen from $230.00 to $215.00 and set an equal weight rating on the stock in a research note on Thursday, April 4th. Cantor Fitzgerald reaffirmed an overweight rating and set a $311.00 target price on shares of Biogen in a research note on Tuesday, February 20th. Finally, Wedbush decreased their target price on shares of Biogen from $245.00 to $213.00 and set a neutral rating on the stock in a research note on Wednesday, April 17th. Ten analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat, Biogen presently has an average rating of Moderate Buy and an average target price of $295.35.

Biogen Stock Up 4.6 %

Shares of BIIB opened at $201.99 on Wednesday. Biogen has a one year low of $189.44 and a one year high of $319.76. The company has a market cap of $29.36 billion, a P/E ratio of 25.31, a P/E/G ratio of 1.84 and a beta of -0.02. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.00 and a quick ratio of 1.26. The firm has a 50 day simple moving average of $213.18 and a two-hundred day simple moving average of $234.39.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Tuesday, February 13th. The biotechnology company reported $2.95 EPS for the quarter, missing the consensus estimate of $3.18 by ($0.23). Biogen had a net margin of 11.81% and a return on equity of 14.91%. The firm had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.47 billion. During the same quarter in the prior year, the firm earned $4.05 earnings per share. Research analysts forecast that Biogen will post 15.47 EPS for the current fiscal year.

Insider Buying and Selling at Biogen

In related news, Director Eric K. Rowinsky acquired 455 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were purchased at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the acquisition, the director now owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Priya Singhal sold 419 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $239.45, for a total transaction of $100,329.55. Following the transaction, 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. Also, Director Eric K. Rowinsky acquired 455 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were bought at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the acquisition, the director now directly owns 20,629 shares of the company’s stock, valued at approximately $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 valued at $202,030. 0.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Biogen

Several institutional investors have recently made changes to their positions in the stock. ICICI Prudential Asset Management Co Ltd raised its holdings in shares of Biogen by 15.0% in the 4th quarter. ICICI Prudential Asset Management Co Ltd now owns 35,989 shares of the biotechnology company’s stock worth $9,313,000 after acquiring an additional 4,693 shares during the last quarter. Boone Capital Management LLC raised its holdings in shares of Biogen by 52.9% in the 3rd quarter. Boone Capital Management LLC now owns 96,115 shares of the biotechnology company’s stock worth $24,703,000 after acquiring an additional 33,238 shares during the last quarter. iA Global Asset Management Inc. raised its holdings in shares of Biogen by 35.2% in the 3rd quarter. iA Global Asset Management Inc. now owns 12,071 shares of the biotechnology company’s stock worth $3,102,000 after acquiring an additional 3,145 shares during the last quarter. Illinois Municipal Retirement Fund raised its holdings in shares of Biogen by 13.8% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 68,391 shares of the biotechnology company’s stock worth $17,577,000 after acquiring an additional 8,291 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC raised its holdings in shares of Biogen by 6.2% in the 4th quarter. Dynamic Advisor Solutions LLC now owns 4,850 shares of the biotechnology company’s stock worth $1,251,000 after acquiring an additional 285 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

About Biogen

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.