Biogen’s (BIIB) “Market Perform” Rating Reiterated at Raymond James

Raymond James restated their market perform rating on shares of Biogen (NASDAQ:BIIB) in a research note released on Thursday, Marketbeat.com reports.

A number of other brokerages have also weighed in on BIIB. Royal Bank of Canada decreased their target price on Biogen from $292.00 to $269.00 and set an outperform rating for the company in a research report on Friday, October 4th. StockNews.com upgraded Biogen from a buy rating to a strong-buy rating in a report on Monday, September 2nd. UBS Group cut their price target on Biogen from $234.00 to $202.00 and set a neutral rating on the stock in a report on Thursday, October 3rd. Wells Fargo & Company cut their price target on Biogen from $240.00 to $225.00 and set an equal weight rating on the stock in a report on Friday, August 2nd. Finally, Needham & Company LLC reiterated a buy rating and issued a $285.00 price target on shares of Biogen in a report on Tuesday, September 24th. Nine equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $273.78.

Biogen Price Performance

Shares of BIIB stock opened at $188.59 on Thursday. Biogen has a 52-week low of $181.31 and a 52-week high of $269.43. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29. The firm has a market capitalization of $27.47 billion, a P/E ratio of 23.75, a P/E/G ratio of 1.87 and a beta of -0.06. The stock has a 50 day moving average price of $198.48 and a 200 day moving average price of $211.93.

Biogen (NASDAQ:BIIB) last issued its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, beating analysts’ consensus estimates of $4.00 by $1.28. The business 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%. Biogen’s revenue was up .4% on a year-over-year basis. During the same period in the previous year, the company posted $4.02 EPS. As a group, sell-side analysts predict that Biogen will post 16.13 earnings per share for the current year.

Insider Buying and Selling at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the sale, the insider now owns 5,316 shares in the company, valued at approximately $1,085,633.52. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.16% of the company’s stock.

Institutional Trading of Biogen

Several large investors have recently added to or reduced their stakes in the company. Leo Wealth LLC acquired a new position in shares of Biogen in the 4th quarter valued at about $2,265,000. Duality Advisers LP acquired a new position in shares of Biogen in the 1st quarter valued at about $1,290,000. Tocqueville Asset Management L.P. lifted its holdings in shares of Biogen by 924.4% in the 1st quarter. Tocqueville Asset Management L.P. now owns 46,200 shares of the biotechnology company’s stock valued at $9,962,000 after buying an additional 41,690 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Biogen by 0.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock valued at $83,337,000 after buying an additional 3,380 shares during the period. Finally, Cetera Investment Advisers lifted its holdings in shares of Biogen by 235.1% in the 1st quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock valued at $3,204,000 after buying an additional 10,425 shares during the period. Hedge funds and other 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.