Biogen (NASDAQ:BIIB) Receives “Buy” Rating from Needham & Company LLC

Biogen (NASDAQ:BIIBGet Free Report)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a report issued on Wednesday, Benzinga reports. They currently have a $294.00 price objective on the biotechnology company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 34.83% from the company’s current price.

Other research analysts have also issued reports about the company. Bank Of America (Bofa) lowered their price target on Biogen from $290.00 to $280.00 and set a “neutral” rating on the stock in a report on Monday, February 12th. Wells Fargo & Company lowered Biogen from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $315.00 to $240.00 in a report on Wednesday, February 14th. Robert W. Baird lowered their price target on Biogen from $333.00 to $316.00 and set an “outperform” rating on the stock in a report on Wednesday, February 14th. HC Wainwright lowered their target price on Biogen from $325.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $311.00 target price on shares of Biogen in a report on Tuesday, February 20th. Ten research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $288.46.

View Our Latest Stock Report on Biogen

Biogen Stock Performance

Shares of BIIB opened at $218.06 on Wednesday. Biogen has a 12-month low of $189.44 and a 12-month high of $319.76. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.32. The business’s fifty day moving average price is $212.91 and its 200 day moving average price is $229.84. The stock has a market capitalization of $31.75 billion, a PE ratio of 27.22, a price-to-earnings-growth ratio of 2.30 and a beta of -0.01.

Biogen (NASDAQ:BIIBGet Free Report) last issued its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, topping the consensus estimate of $3.45 by $0.22. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.31 billion. During the same period last year, the company earned $3.40 earnings per share. The firm’s revenue for the quarter was down 7.0% on a year-over-year basis. Equities research analysts forecast that Biogen will post 15.59 EPS for the current year.

Institutional Investors Weigh In On Biogen

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Swedbank AB purchased a new stake in shares of Biogen during the 1st quarter worth about $22,939,000. Virtu Financial LLC purchased a new stake in shares of Biogen during the 1st quarter worth about $2,846,000. Wahed Invest LLC raised its stake in shares of Biogen by 14.0% during the 1st quarter. Wahed Invest LLC now owns 2,741 shares of the biotechnology company’s stock worth $591,000 after purchasing an additional 336 shares in the last quarter. RA Capital Management L.P. raised its stake in shares of Biogen by 39.0% during the 1st quarter. RA Capital Management L.P. now owns 740,727 shares of the biotechnology company’s stock worth $159,723,000 after purchasing an additional 207,835 shares in the last quarter. Finally, Plato Investment Management Ltd raised its stake in shares of Biogen by 82.8% during the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 53 shares in the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

About Biogen

(Get Free Report)

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.

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Analyst Recommendations for Biogen (NASDAQ:BIIB)

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