Biogen (NASDAQ:BIIB) Rating Reiterated by Truist Financial

Truist Financial reiterated their buy rating on shares of Biogen (NASDAQ:BIIB) in a research report sent to investors on Monday, Benzinga reports. The brokerage currently has a $302.00 price objective on the biotechnology company’s stock, down from their previous price objective of $340.00.

Several other research firms have also issued reports on BIIB. UBS Group reduced their price target on Biogen from $250.00 to $214.00 and set a neutral rating on the stock in a research report on Wednesday, April 17th. Oppenheimer reiterated an outperform rating and issued a $270.00 price objective on shares of Biogen in a research report on Monday, April 29th. Scotiabank lowered their price objective on Biogen from $275.00 to $244.00 and set a sector outperform rating for the company in a research report on Friday, August 2nd. Needham & Company LLC reiterated a buy rating and issued a $288.00 price objective on shares of Biogen in a research report on Thursday, August 1st. Finally, Robert W. Baird lowered their price objective on Biogen from $316.00 to $294.00 and set an outperform rating for the company in a research report on Monday, July 29th. Nine investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, Biogen has an average rating of Moderate Buy and a consensus price target of $276.42.

Biogen Stock Down 0.2 %

BIIB opened at $199.78 on Monday. The stock has a market cap of $29.09 billion, a PE ratio of 24.94, a P/E/G ratio of 2.09 and a beta of -0.04. The company has a quick ratio of 1.32, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. Biogen has a 52 week low of $189.44 and a 52 week high of $278.95. The business’s fifty day simple moving average is $223.95 and its 200 day simple moving average is $221.97.

Biogen (NASDAQ:BIIB) last released its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, beating analysts’ consensus estimates of $4.00 by $1.28. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.39 billion. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The firm’s revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.02 earnings per share. As a group, research analysts expect that Biogen will post 15.87 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Biogen

A number of institutional investors have recently modified their holdings of the stock. KCM Investment Advisors LLC grew its stake in shares of Biogen by 1.7% in the first quarter. KCM Investment Advisors LLC now owns 2,953 shares of the biotechnology company’s stock worth $637,000 after acquiring an additional 48 shares during the last quarter. First Horizon Advisors Inc. grew its stake in shares of Biogen by 39.8% in the second quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock worth $40,000 after acquiring an additional 49 shares during the last quarter. TFB Advisors LLC grew its stake in shares of Biogen by 2.1% in the first quarter. TFB Advisors LLC now owns 2,450 shares of the biotechnology company’s stock worth $530,000 after acquiring an additional 50 shares during the last quarter. DGS Capital Management LLC grew its stake in shares of Biogen by 4.2% in the fourth quarter. DGS Capital Management LLC now owns 1,265 shares of the biotechnology company’s stock worth $327,000 after acquiring an additional 51 shares during the last quarter. Finally, Hexagon Capital Partners LLC grew its stake in shares of Biogen by 76.1% in the fourth quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 51 shares during the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

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.