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

Biogen (NASDAQ:BIIB)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a note issued to investors on Wednesday, Benzinga reports. They currently have a $294.00 target price on the biotechnology company’s stock. Needham & Company LLC’s target price would indicate a potential upside of 45.21% from the stock’s current price.

Several other equities research analysts have also issued reports on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $311.00 target price on shares of Biogen in a research note on Tuesday, February 20th. UBS Group dropped their price objective on Biogen from $250.00 to $214.00 and set a “neutral” rating on the stock in a report on Wednesday, April 17th. Wells Fargo & Company downgraded Biogen from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $315.00 to $240.00 in a research note on Wednesday, February 14th. Mizuho dropped their price target on shares of Biogen from $355.00 to $277.00 and set a “buy” rating on the stock in a research note on Thursday, February 22nd. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $364.00 price target on shares of Biogen in a report on Tuesday, March 5th. Ten equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $293.88.

Biogen Stock Up 0.2 %

Shares of BIIB stock opened at $202.46 on Wednesday. The company has a current ratio of 2.00, a quick ratio of 1.26 and a debt-to-equity ratio of 0.46. Biogen has a twelve month low of $189.44 and a twelve month high of $319.76. The stock has a 50 day moving average of $212.76 and a 200 day moving average of $234.17. The stock has a market cap of $29.43 billion, a P/E ratio of 25.37, a P/E/G ratio of 1.84 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, beating the consensus estimate of $3.45 by $0.22. Biogen had a net margin of 11.81% and a return on equity of 14.91%. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.31 billion. During the same period in the previous year, the firm earned $3.40 EPS. The business’s quarterly revenue was down 7.0% on a year-over-year basis. As a group, sell-side analysts expect that Biogen will post 15.47 EPS for the current year.

Insider Buying and Selling

In other news, Director Eric K. Rowinsky purchased 455 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was acquired at an average price of $222.54 per share, with a total value of $101,255.70. Following the purchase, the director now directly owns 20,629 shares in the company, valued at approximately $4,590,777.66. The acquisition was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Eric K. Rowinsky bought 455 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were bought at an average price of $222.54 per share, with a total value of $101,255.70. Following the completion of the transaction, the director now directly owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Priya Singhal sold 419 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $239.45, for a total transaction of $100,329.55. Following the completion of the sale, the insider now directly owns 4,516 shares in the company, valued at $1,081,356.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 882 shares of company stock worth $202,030. Insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BIIB. Tritonpoint Wealth LLC increased its position in shares of Biogen by 14.7% during the first quarter. Tritonpoint Wealth LLC now owns 2,321 shares of the biotechnology company’s stock worth $521,000 after acquiring an additional 298 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in shares of Biogen by 6.5% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 27,821 shares of the biotechnology company’s stock worth $5,999,000 after buying an additional 1,700 shares during the last quarter. Valeo Financial Advisors LLC lifted its position in Biogen by 53.0% in the first quarter. Valeo Financial Advisors LLC now owns 1,412 shares of the biotechnology company’s stock valued at $285,000 after acquiring an additional 489 shares during the last quarter. V Square Quantitative Management LLC lifted its holdings in shares of Biogen by 21.9% in the 1st quarter. V Square Quantitative Management LLC now owns 3,245 shares of the biotechnology company’s stock valued at $700,000 after purchasing an additional 584 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. purchased a new stake in Biogen in the first quarter valued at approximately $89,000. Institutional investors and hedge funds 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.