SunTrust Banks initiated coverage on shares of Biogen (NASDAQ:BIIB) in a research note released on Tuesday, 24/7 WallStreet reports. The brokerage issued a buy rating and a $337.00 price target on the biotechnology company’s stock. SunTrust Banks also issued estimates for Biogen’s FY2023 earnings at $36.67 EPS.

A number of other research analysts also recently issued reports on BIIB. Royal Bank of Canada set a $242.00 target price on shares of Biogen and gave the company a hold rating in a research report on Friday, September 6th. Guggenheim upgraded shares of Biogen from a neutral rating to a buy rating and boosted their target price for the company from $256.00 to $365.00 in a research report on Wednesday, October 23rd. Mizuho reiterated a hold rating and set a $235.00 target price on shares of Biogen in a research report on Tuesday, October 22nd. Cowen boosted their target price on shares of Biogen from $275.00 to $325.00 and gave the company an outperform rating in a research report on Wednesday, October 23rd. Finally, Morgan Stanley boosted their target price on shares of Biogen from $212.00 to $262.00 and gave the company an underweight rating in a research report on Wednesday, October 23rd. Five investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating and ten have given a buy rating to the stock. The company has an average rating of Hold and an average price target of $290.28.

Shares of Biogen stock traded up $7.12 during midday trading on Tuesday, hitting $282.27. 1,916,700 shares of the company traded hands, compared to its average volume of 3,087,517. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.74 and a current ratio of 1.91. Biogen has a 12 month low of $215.77 and a 12 month high of $344.00. The firm’s fifty day moving average price is $256.69 and its 200-day moving average price is $237.89. The stock has a market cap of $50.86 billion, a price-to-earnings ratio of 10.77, a PEG ratio of 1.53 and a beta of 1.07.

Biogen (NASDAQ:BIIB) last released its earnings results on Tuesday, October 22nd. The biotechnology company reported $9.17 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $8.27 by $0.90. Biogen had a net margin of 37.91% and a return on equity of 46.14%. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.53 billion. During the same quarter in the previous year, the company earned $7.40 EPS. Biogen’s quarterly revenue was up 4.7% compared to the same quarter last year. Equities research analysts forecast that Biogen will post 33.14 earnings per share for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Auxier Asset Management raised its holdings in Biogen by 3.7% during the second quarter. Auxier Asset Management now owns 27,217 shares of the biotechnology company’s stock worth $6,365,000 after buying an additional 960 shares during the last quarter. Cornerstone Advisors Inc. grew its stake in shares of Biogen by 6.3% in the 2nd quarter. Cornerstone Advisors Inc. now owns 1,427 shares of the biotechnology company’s stock worth $334,000 after acquiring an additional 84 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in shares of Biogen by 12.4% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 82,638 shares of the biotechnology company’s stock worth $19,327,000 after acquiring an additional 9,094 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in shares of Biogen by 64.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 7,157 shares of the biotechnology company’s stock worth $1,674,000 after acquiring an additional 2,803 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. bought a new stake in shares of Biogen in the 2nd quarter worth $41,118,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

About Biogen

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis (MS); SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of plaque psoriasis.

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Analyst Recommendations for Biogen (NASDAQ:BIIB)

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