Biogen Inc. (NASDAQ:BIIB) Receives “Equal Weight” Rating from Morgan Stanley
Morgan Stanley restated their equal weight rating on shares of Biogen Inc. (NASDAQ:BIIB) in a research note released on Wednesday morning. They currently have a $311.00 target price on the biotechnology company’s stock, up from their previous target price of $301.00.
A number of other brokerages have also weighed in on BIIB. ValuEngine upgraded Biogen from a hold rating to a buy rating in a research report on Thursday, June 22nd. Mizuho cut their price objective on Biogen from $290.00 to $274.00 and set a neutral rating for the company in a research report on Wednesday, May 31st. Vetr lowered Biogen from a strong-buy rating to a buy rating and set a $310.46 price objective for the company. in a research report on Tuesday, April 25th. Cowen and Company restated an outperform rating and set a $271.00 price objective on shares of Biogen in a research report on Monday, July 3rd. Finally, William Blair restated an outperform rating on shares of Biogen in a research report on Monday, June 26th. Fourteen investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $328.89.
Shares of Biogen (BIIB) opened at 287.44 on Wednesday. The firm’s 50-day moving average price is $274.41 and its 200 day moving average price is $273.68. Biogen has a 52 week low of $244.28 and a 52 week high of $333.65. The company has a market cap of $60.77 billion, a price-to-earnings ratio of 18.86 and a beta of 0.78.
Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $4.36 by $0.68. Biogen had a return on equity of 37.42% and a net margin of 28.10%. The business had revenue of $3.08 billion during the quarter, compared to analyst estimates of $2.81 billion. During the same quarter in the prior year, the business posted $5.21 EPS. Biogen’s revenue for the quarter was up 6.4% compared to the same quarter last year. On average, equities research analysts forecast that Biogen will post $21.33 EPS for the current year.
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In other news, EVP Susan H. Alexander sold 7,758 shares of Biogen stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $285.00, for a total transaction of $2,211,030.00. Following the completion of the sale, the executive vice president now owns 27,232 shares of the company’s stock, valued at $7,761,120. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Brian S. Posner sold 1,084 shares of Biogen 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 sale, the director now directly owns 6,330 shares of the company’s stock, valued at approximately $1,622,442.30. The disclosure for this sale can be found here. Insiders have sold 13,816 shares of company stock valued at $3,931,380 in the last ninety days. Insiders own 0.32% of the company’s stock.
A number of institutional investors have recently modified their holdings of the company. Pathstone Family Office LLC acquired a new position in shares of Biogen during the first quarter worth approximately $102,000. Prentiss Smith & Co. Inc. increased 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 worth $104,000 after buying an additional 50 shares during the period. Crestwood Advisors Group LLC acquired a new position in shares of Biogen during the first quarter worth approximately $106,000. Independent Portfolio Consultants Inc. increased 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 worth $123,000 after buying an additional 219 shares during the period. Finally, Winfield Associates Inc. increased 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 worth $128,000 after buying an additional 67 shares during the period. 87.50% of the stock is owned by institutional investors.
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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