Biogen (NASDAQ: BIIB – Get an appraisal) had its price target reduced by investment analysts Needham & Company LLC from $262.00 to $250.00 in a note issued to investors on Thursday, reports The Fly. The brokerage currently has a “buy” rating on shares of the biotech company. Needham & Company LLC’s price target indicates a potential upside of 21.21% from the stock’s previous close.
Several other brokerages have also recently published reports on BIIB. Royal Bank of Canada lowered its target price on Biogen from $264.00 to $259.00 in a research note on Wednesday. Cowen lowered his target price on Biogen from $285.00 to $270.00 in a research note on Thursday. StockNews.com upgraded Biogen from a “buy” rating to a “strong buy” rating in a Saturday, July 16 research rating. Oppenheimer raised his price target on Biogen from $225.00 to $230.00 and gave the company an “outperform” rating in a Monday, July 18 research note. Finally, SVB Leerink reduced its price target on Biogen from $300.00 to $270.00 and set an “outperform” rating on the stock in a Thursday, April 21 research note. Thirteen equity research analysts gave the stock a hold rating, fifteen issued a buy rating and one issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $257.36.
Biogen trades down 3.6%
NASDAQ:BIIB shares opened at $206.25 on Thursday. The stock has a market capitalization of $30.21 billion, a price/earnings ratio of 14.71, a PEG ratio of 0.99 and a beta of 0.39. The company has a debt ratio of 0.53, a quick ratio of 1.70 and a current ratio of 1.94. The stock’s 50-day simple moving average is $205.62 and its two-hundred-day simple moving average is $210.94. Biogen has a 52-week low of $187.16 and a 52-week high of $351.86.
Biogen Inc (NASDAQ:BIIB – Get Rating) last released its quarterly earnings data on Wednesday, July 20. The biotech company reported earnings per share of $5.25 for the quarter, beating consensus analyst estimates of $4.09 by $1.16. Biogen had a return on equity of 22.36% and a net margin of 19.36%. The company posted revenue of $2.59 billion for the quarter, versus $2.48 billion expected by analysts. During the same period of the previous year, the company achieved EPS of $5.68. The company’s quarterly revenue was down 6.7% year over year. Analysts expect Biogen to post EPS of 15.69 for the current year.
Institutional investors weigh in on Biogen
Several hedge funds have recently changed their positions in BIIB. Norges Bank bought a new stake in Biogen stock in Q4 worth $373,125,000. Southeastern Asset Management Inc. TN purchased a new stake in Biogen stock in Q4 valued at $205,977,000. RA Capital Management LP purchased a new stake in Biogen stock in Q1 worth $153,111,000. BlackRock Inc. increased its position in Biogen shares by 2.8% in the first quarter. BlackRock Inc. now owns 14,121,097 shares of the biotech company worth $2,973,904,000 after acquiring 384,143 additional shares last quarter. Finally, Pacer Advisors Inc. increased its position in Biogen shares by 2,510.5% in the 1st quarter. Pacer Advisors Inc. now owns 324,148 shares of the biotech company worth $68,266,000 after acquiring 311,731 additional shares last quarter. 83.92% of the shares are currently held by hedge funds and other institutional investors.
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Biogen Inc discovers, develops, manufactures and delivers therapies for the treatment of neurological and neurodegenerative diseases. The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; and FUMADERM to treat plaque psoriasis.
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