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

Needham & Company LLC reissued their buy rating on shares of Biogen (NASDAQ:BIIB) in a report published on Wednesday morning, Benzinga reports. The brokerage currently has a $294.00 target price on the biotechnology company’s stock.

A number of other equities analysts have also recently issued reports on BIIB. Cantor Fitzgerald reissued an overweight rating and issued a $311.00 target price on shares of Biogen in a report on Tuesday, February 20th. Wedbush dropped their target price on Biogen from $245.00 to $213.00 and set a neutral rating for the company in a report on Wednesday, April 17th. Oppenheimer dropped their target price on Biogen from $290.00 to $270.00 and set an outperform rating for the company in a report on Friday, April 19th. BTIG Research reissued a neutral rating on shares of Biogen in a report on Sunday, January 7th. Finally, Royal Bank of Canada reissued an outperform rating and issued a $364.00 target price on shares of Biogen in a report on Tuesday, March 5th. Ten investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $295.35.

Biogen Trading Up 4.6 %

Biogen stock opened at $201.99 on Wednesday. The business has a 50 day moving average price of $213.18 and a two-hundred day moving average price of $234.39. The company has a quick ratio of 1.26, a current ratio of 2.00 and a debt-to-equity ratio of 0.46. The stock has a market cap of $29.36 billion, a price-to-earnings ratio of 25.31, a price-to-earnings-growth ratio of 1.84 and a beta of -0.02. Biogen has a 12 month low of $189.44 and a 12 month high of $319.76.

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

Insider Activity

In other news, insider Priya Singhal sold 262 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total value of $57,962.26. Following the transaction, the insider now owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Priya Singhal sold 262 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total value of $57,962.26. Following the transaction, the insider now owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Eric K. Rowinsky purchased 455 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was bought at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the purchase, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The disclosure for this purchase can be found here. Insiders have sold a total of 882 shares of company stock valued at $202,030 in the last 90 days. 0.60% of the stock is owned by company insiders.

Institutional Trading of Biogen

Several hedge funds have recently added to or reduced their stakes in the business. V Square Quantitative Management LLC raised its stake in Biogen by 21.9% during the 1st quarter. V Square Quantitative Management LLC now owns 3,245 shares of the biotechnology company’s stock worth $700,000 after buying an additional 584 shares during the period. Newbridge Financial Services Group Inc. acquired a new stake in Biogen during the 1st quarter worth $89,000. Premier Path Wealth Partners LLC raised its stake in Biogen by 37.9% during the 1st quarter. Premier Path Wealth Partners LLC now owns 5,275 shares of the biotechnology company’s stock worth $1,137,000 after buying an additional 1,450 shares during the period. Simplicity Wealth LLC acquired a new stake in Biogen during the 1st quarter worth $445,000. Finally, Kirr Marbach & Co. LLC IN acquired a new stake in Biogen during the 1st quarter worth $4,797,000. 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.