JPMorgan Chase & Co. Reiterates “Buy” Rating for Biogen Inc. (BIIB)
JPMorgan Chase & Co. reiterated their buy rating on shares of Biogen Inc. (NASDAQ:BIIB) in a research report released on Friday. JPMorgan Chase & Co. currently has a $386.00 price target on the biotechnology company’s stock.
Several other research analysts have also issued reports on BIIB. Jefferies Group restated a buy rating on shares of Biogen in a research report on Sunday, May 29th. Leerink Swann restated a market perform rating and set a $319.00 target price on shares of Biogen in a research report on Wednesday, June 1st. Vetr upgraded Biogen from a sell rating to a hold rating and set a $289.05 price target for the company in a report on Wednesday, July 27th. Zacks Investment Research lowered Biogen from a buy rating to a hold rating in a report on Tuesday, July 12th. Finally, Morgan Stanley reiterated a buy rating and issued a $385.00 price target on shares of Biogen in a report on Wednesday, August 3rd. Eleven research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Biogen currently has a consensus rating of Buy and an average target price of $346.22.
Biogen (NASDAQ:BIIB) opened at 312.00 on Friday. The company has a market cap of $68.37 billion, a price-to-earnings ratio of 18.23 and a beta of 0.90. The company’s 50-day moving average price is $309.80 and its 200-day moving average price is $275.12. Biogen has a 52-week low of $223.02 and a 52-week high of $333.65.
Biogen (NASDAQ:BIIB) last announced its earnings results on Thursday, July 21st. The biotechnology company reported $5.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $4.69 by $0.52. Biogen had a return on equity of 40.59% and a net margin of 33.97%. The business earned $2.89 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same quarter in the previous year, the business earned $4.22 earnings per share. The company’s revenue for the quarter was up 11.7% compared to the same quarter last year. Equities research analysts expect that Biogen will post $20.10 EPS for the current fiscal year.
In related news, CEO George A. Scangos sold 157 shares of the stock in a transaction that occurred on Thursday, July 21st. The shares were sold at an average price of $280.00, for a total transaction of $43,960.00. Following the completion of the transaction, the chief executive officer now owns 54,779 shares of the company’s stock, valued at approximately $15,338,120. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.32% of the company’s stock.
Several institutional investors have recently bought and sold shares of BIIB. Howard Hughes Medical Institute bought a new position in Biogen during the first quarter worth $135,000. Kings Point Capital Management bought a new position in Biogen during the second quarter worth $145,000. Signaturefd LLC boosted its position in Biogen by 217.7% in the second quarter. Signaturefd LLC now owns 718 shares of the biotechnology company’s stock worth $174,000 after buying an additional 492 shares during the last quarter. HighPoint Advisor Group LLC bought a new position in Biogen during the second quarter worth $252,000. Finally, Lakeview Capital Partners LLC bought a new position in Biogen during the second quarter worth $205,000. 86.21% of the stock is owned by hedge funds and other institutional investors.
Biogen Company Profile
Biogen Inc, formerly Biogen Idec Inc, is a biopharmaceutical company. The Company operates in discovering, developing, manufacturing and delivering therapies to patients for the treatment of neurodegenerative diseases, hematologic conditions and autoimmune disorders segment. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for multiple sclerosis (MS), ELOCTATE for hemophilia A and ALPROLIX for hemophilia B, and FUMADERM for the treatment of severe plaque psoriasis.
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