Biogen Inc. (BIIB) Upgraded to Conviction-Buy by Goldman Sachs Group, Inc. (The)
Biogen Inc. (NASDAQ:BIIB) was upgraded by equities research analysts at Goldman Sachs Group, Inc. (The) from a “buy” rating to a “conviction-buy” rating in a research report issued on Wednesday, The Fly reports.
Other equities analysts also recently issued reports about the stock. Vetr downgraded shares of Biogen from a “strong-buy” rating to a “buy” rating and set a $301.89 price target on the stock. in a report on Tuesday, May 2nd. Piper Jaffray Companies set a $442.00 price target on shares of Biogen and gave the stock a “buy” rating in a report on Monday, May 15th. Cowen and Company reissued a “buy” rating and issued a $338.00 price target on shares of Biogen in a report on Tuesday, April 25th. ValuEngine raised shares of Biogen from a “hold” rating to a “buy” rating in a report on Thursday, June 22nd. Finally, Deutsche Bank AG started coverage on shares of Biogen in a report on Friday, June 23rd. They set a “buy” rating and a $315.00 price objective on the stock. Eleven analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the stock. Biogen has a consensus rating of “Buy” and an average target price of $328.81.
Shares of Biogen (NASDAQ BIIB) opened at 287.92 on Wednesday. Biogen has a 1-year low of $244.28 and a 1-year high of $304.23. The stock’s 50 day moving average is $281.89 and its 200-day moving average is $274.11. The firm has a market cap of $60.88 billion, a PE ratio of 18.89 and a beta of 0.79.
Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.36 by $0.68. The company had revenue of $3.08 billion for the quarter, compared to the consensus estimate of $2.81 billion. Biogen had a net margin of 28.10% and a return on equity of 37.42%. The firm’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the firm earned $5.21 EPS. Analysts expect that Biogen will post $21.44 earnings per share for the current year.
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In other Biogen news, Director Brian S. Posner sold 1,084 shares of the stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $256.31, for a total transaction of $277,840.04. Following the transaction, the director now directly owns 6,330 shares in the company, valued at $1,622,442.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Susan H. Alexander sold 4,974 shares of the stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $290.01, for a total transaction of $1,442,509.74. Following the transaction, the executive vice president now owns 22,258 shares in the company, valued at $6,455,042.58. The disclosure for this sale can be found here. Insiders have sold 13,816 shares of company stock worth $3,931,380 over the last quarter. Company insiders own 0.32% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Pathstone Family Office LLC purchased a new position in shares of Biogen during the first quarter valued at about $102,000. Prentiss Smith & Co. Inc. boosted its position in shares of Biogen by 14.9% in the second quarter. Prentiss Smith & Co. Inc. now owns 385 shares of the biotechnology company’s stock valued at $104,000 after buying an additional 50 shares in the last quarter. Crestwood Advisors Group LLC purchased a new position in shares of Biogen during the first quarter valued at about $106,000. Independent Portfolio Consultants Inc. boosted its position in shares of Biogen by 93.2% in the second quarter. Independent Portfolio Consultants Inc. now owns 454 shares of the biotechnology company’s stock valued at $123,000 after buying an additional 219 shares in the last quarter. Finally, Winfield Associates Inc. boosted its position in shares of Biogen by 16.8% in the first quarter. Winfield Associates Inc. now owns 467 shares of the biotechnology company’s stock valued at $128,000 after buying an additional 67 shares in the last quarter. Hedge funds and other institutional investors own 88.38% of the company’s stock.
Biogen Inc is a biopharmaceutical company. The Company focuses on discovering, developing, manufacturing and delivering therapies to people living with serious neurological, rare and autoimmune diseases. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA and FAMPYRA for multiple sclerosis (MS), FUMADERM for the treatment of severe plaque psoriasis and SPINRAZA for the treatment of spinal muscular atrophy (SMA).
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