Needham & Company LLC Reiterates Buy Rating for Biogen (NASDAQ:BIIB)

Biogen (NASDAQ:BIIB)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a report issued on Monday, Benzinga reports. They currently have a $285.00 target price on the biotechnology company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 38.69% from the stock’s current price.

Several other analysts have also issued reports on the company. Wedbush cut their price target on Biogen from $215.00 to $210.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Oppenheimer reiterated an “outperform” rating and set a $270.00 price objective on shares of Biogen in a research note on Monday, April 29th. Scotiabank decreased their target price on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 2nd. Truist Financial reaffirmed a “buy” rating and set a $302.00 price target (down previously from $340.00) on shares of Biogen in a report on Monday, August 5th. Finally, 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 research note on Monday, July 29th. Eight research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, Biogen currently has a consensus rating of “Moderate Buy” and an average target price of $276.35.

Biogen Trading Down 0.3 %

Shares of BIIB stock opened at $205.49 on Monday. Biogen has a 12-month low of $189.44 and a 12-month high of $270.50. The firm’s 50 day moving average is $219.39 and its 200 day moving average is $218.99. The company has a current ratio of 2.29, a quick ratio of 1.32 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $29.92 billion, a P/E ratio of 25.65, a P/E/G ratio of 2.09 and a beta of -0.04.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, topping the consensus estimate of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The business had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same period last year, the firm earned $4.02 earnings per share. The company’s quarterly revenue was up .4% on a year-over-year basis. Research analysts expect that Biogen will post 15.87 earnings per share for the current year.

Institutional Investors Weigh In On Biogen

Several large investors have recently added to or reduced their stakes in BIIB. Livelsberger Financial Advisory purchased a new position in shares of Biogen in the 4th quarter worth approximately $26,000. Plato Investment Management Ltd lifted its position in Biogen by 82.8% in the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after buying an additional 53 shares during the last quarter. Hexagon Capital Partners LLC boosted its stake in Biogen by 76.1% during the fourth quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock worth $31,000 after buying an additional 51 shares during the period. Rise Advisors LLC bought a new position in Biogen during the first quarter valued at $27,000. Finally, Itau Unibanco Holding S.A. bought a new position in Biogen during the second quarter valued at $33,000. 87.93% of the stock is owned by institutional investors.

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.