Biogen (NASDAQ:BIIB) Sets New 52-Week High – Here’s What Happened

Biogen Inc. (NASDAQ:BIIB)’s stock price reached a new 52-week high during mid-day trading on Monday. The company traded as high as $229.62 and last traded at $228.8480, with a volume of 297708 shares trading hands. The stock had previously closed at $227.60.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on BIIB. Wolfe Research raised Biogen from a “peer perform” rating to an “outperform” rating and set a $300.00 price target on the stock in a research report on Thursday, August 13th. Truist Financial raised shares of Biogen from a “hold” rating to a “buy” rating and raised their target price for the company from $190.00 to $235.00 in a report on Monday, July 13th. Canaccord Genuity Group lifted their price target on shares of Biogen from $245.00 to $248.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Jefferies Financial Group reiterated a “buy” rating on shares of Biogen in a report on Monday, July 13th. Finally, Royal Bank Of Canada raised their price objective on shares of Biogen from $240.00 to $260.00 and gave the company an “outperform” rating in a report on Tuesday, August 25th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Biogen presently has an average rating of “Moderate Buy” and an average price target of $230.14.

Biogen Trading Up 0.4%

The company has a market cap of $33.78 billion, a price-to-earnings ratio of 40.44, a PEG ratio of 2.51 and a beta of 0.17. The company has a quick ratio of 1.26, a current ratio of 1.87 and a debt-to-equity ratio of 0.39. The business’s fifty day simple moving average is $213.26 and its two-hundred day simple moving average is $199.63.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, July 29th. The biotechnology company reported $3.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.94 by $0.66. Biogen had a net margin of 8.32% and a return on equity of 11.18%. The business had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.46 billion. During the same quarter in the prior year, the business posted $5.47 EPS. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. Biogen has set its FY 2026 guidance at 12.000-13.000 EPS. On average, equities analysts predict that Biogen Inc. will post 12.41 EPS for the current year.

Institutional Trading of Biogen

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Biogen in the second quarter valued at approximately $3,453,878,000. Primecap Management Co. CA acquired a new position in shares of Biogen in the 2nd quarter valued at $3,274,304,000. Geode Capital Management LLC raised its position in Biogen by 3.2% in the 4th quarter. Geode Capital Management LLC now owns 4,199,399 shares of the biotechnology company’s stock valued at $736,435,000 after purchasing an additional 130,618 shares during the last quarter. Wellington Management Group LLP raised its position in Biogen by 5.3% in the 2nd quarter. Wellington Management Group LLP now owns 3,117,469 shares of the biotechnology company’s stock valued at $673,560,000 after purchasing an additional 155,828 shares during the last quarter. Finally, Norges Bank acquired a new stake in Biogen during the 4th quarter worth $464,408,000. 87.93% of the stock is owned by hedge funds and other institutional investors.

About Biogen

Biogen Inc is a biotechnology company focused on discovering, developing and commercializing therapies for neurological and neurodegenerative diseases. Founded in 1978, the company is headquartered in Cambridge, Massachusetts, and serves patients and healthcare providers in markets around the world.

Biogen’s portfolio includes treatments for multiple sclerosis, including Tecfidera, Vumerity, Tysabri, Avonex and Plegridy, as well as Spinraza for spinal muscular atrophy, developed in collaboration with Ionis Pharmaceuticals.