Biogen (NASDAQ:BIIB) Receives “Buy” Rating from Truist Financial

Truist Financial restated their buy rating on shares of Biogen (NASDAQ:BIIB) in a research report released on Monday, Benzinga reports. They currently have a $302.00 target price on the biotechnology company’s stock, down from their previous target price of $340.00.

Several other equities research analysts also recently weighed in on the stock. Robert W. Baird reduced their price objective on shares of Biogen from $316.00 to $294.00 and set an outperform rating for the company in a report on Monday, July 29th. Scotiabank cut their price target on shares of Biogen from $275.00 to $244.00 and set a sector outperform rating for the company in a report on Friday. Needham & Company LLC restated a buy rating and issued a $288.00 target price on shares of Biogen in a report on Thursday, August 1st. HC Wainwright reaffirmed a buy rating and set a $300.00 price objective on shares of Biogen in a research note on Thursday, May 23rd. Finally, Wells Fargo & Company decreased their target price on Biogen from $240.00 to $225.00 and set an equal weight rating for the company in a research report on Friday. Nine analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $276.42.

Biogen Stock Up 0.9 %

Shares of Biogen stock traded up $1.74 during trading on Monday, reaching $200.13. The company had a trading volume of 1,262,133 shares, compared to its average volume of 1,152,426. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.32 and a current ratio of 2.29. The company has a market cap of $29.14 billion, a price-to-earnings ratio of 24.99, a price-to-earnings-growth ratio of 2.09 and a beta of -0.04. Biogen has a fifty-two week low of $189.44 and a fifty-two week high of $278.95. The firm’s fifty day moving average is $224.62 and its 200-day moving average is $222.47.

Biogen (NASDAQ:BIIB) last posted its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, beating the consensus estimate of $4.00 by $1.28. The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.39 billion. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The business’s revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the company earned $4.02 earnings per share. On average, analysts anticipate that Biogen will post 15.87 EPS for the current year.

Institutional Investors Weigh In On Biogen

Institutional investors and hedge funds have recently bought and sold shares of the company. Plato Investment Management Ltd increased its stake in Biogen by 82.8% in the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 53 shares during the last quarter. Livelsberger Financial Advisory acquired a new position in shares of Biogen during the 4th quarter worth $26,000. Rise Advisors LLC bought a new stake in shares of Biogen during the 1st quarter worth $27,000. Hexagon Capital Partners LLC boosted its stake in shares of Biogen by 76.1% in the 4th quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 51 shares in the last quarter. Finally, EntryPoint Capital LLC acquired a new position in Biogen during the 1st quarter worth approximately $36,000. Institutional investors own 87.93% of the company’s stock.

About Biogen

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer's disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.