Biogen (NASDAQ:BIIB) Stock Rating Reaffirmed by Needham & Company LLC

Biogen (NASDAQ:BIIB)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a research note issued to investors on Friday, Benzinga reports. They currently have a $294.00 price target on the biotechnology company’s stock. Needham & Company LLC’s price objective suggests a potential upside of 39.32% from the company’s current price.

A number of other research analysts have also recently commented on the company. UBS Group reduced their target price on Biogen from $250.00 to $214.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 17th. Wedbush increased their price objective on Biogen from $213.00 to $215.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Piper Sandler dropped their target price on Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Royal Bank of Canada reiterated an “outperform” rating and set a $317.00 price target on shares of Biogen in a research report on Wednesday, June 26th. Finally, Barclays lowered their price objective on shares of Biogen from $215.00 to $200.00 and set an “equal weight” rating for the company in a report on Thursday, April 25th. Ten analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $286.00.

Biogen Price Performance

Shares of NASDAQ BIIB traded down $16.41 during midday trading on Friday, hitting $211.03. 1,867,032 shares of the company’s stock were exchanged, compared to its average volume of 1,129,386. The company has a current ratio of 2.10, a quick ratio of 1.32 and a debt-to-equity ratio of 0.41. The business’s fifty day moving average price is $226.68 and its two-hundred day moving average price is $224.83. The company has a market cap of $30.73 billion, a price-to-earnings ratio of 26.41, a PEG ratio of 2.28 and a beta of -0.04. Biogen has a 12-month low of $189.44 and a 12-month high of $278.95.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, topping analysts’ consensus estimates of $3.45 by $0.22. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.31 billion. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The business’s quarterly revenue was down 7.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.40 EPS. As a group, research analysts forecast that Biogen will post 15.61 EPS for the current fiscal year.

Institutional Investors Weigh In On Biogen

A number of large investors have recently modified their holdings of BIIB. Vanguard Group Inc. boosted its position in shares of Biogen by 18.2% during the fourth quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock valued at $3,728,185,000 after purchasing an additional 2,218,744 shares in the last quarter. Norges Bank bought a new position in Biogen during the 4th quarter valued at approximately $378,728,000. FIL Ltd raised its stake in Biogen by 936.4% during the fourth quarter. FIL Ltd now owns 656,502 shares of the biotechnology company’s stock valued at $169,883,000 after buying an additional 593,158 shares during the last quarter. First Trust Advisors LP grew its stake in shares of Biogen by 141.0% in the fourth quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock worth $252,898,000 after acquiring an additional 571,795 shares during the last quarter. Finally, International Assets Investment Management LLC increased its holdings in shares of Biogen by 24,726.3% during the fourth quarter. International Assets Investment Management LLC now owns 476,913 shares of the biotechnology company’s stock valued at $123,411,000 after acquiring an additional 474,992 shares in the last quarter. Institutional investors own 87.93% of the company’s stock.

Biogen Company Profile

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.