Biogen (NASDAQ:BIIB) Rating Increased to Strong-Buy at StockNews.com

StockNews.com upgraded shares of Biogen (NASDAQ:BIIB) from a buy rating to a strong-buy rating in a research report sent to investors on Friday morning.

BIIB has been the topic of several other research reports. Mizuho cut their target price on Biogen from $251.00 to $207.00 and set an “outperform” rating on the stock in a research report on Thursday, November 21st. Barclays dropped their price objective on Biogen from $190.00 to $180.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $292.00 price objective on shares of Biogen in a report on Monday, September 9th. HC Wainwright reiterated a “buy” rating and issued a $300.00 price target on shares of Biogen in a research report on Thursday, October 31st. Finally, Raymond James reissued a “market perform” rating on shares of Biogen in a research note on Thursday, October 10th. Sixteen equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $242.68.

Biogen Price Performance

Shares of NASDAQ BIIB opened at $146.47 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The firm has a 50-day simple moving average of $167.48 and a 200-day simple moving average of $195.87. The stock has a market capitalization of $21.34 billion, a price-to-earnings ratio of 13.23, a price-to-earnings-growth ratio of 1.83 and a beta of -0.08. Biogen has a 52 week low of $145.07 and a 52 week high of $268.30.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. The company had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The firm’s revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.36 earnings per share. On average, equities analysts predict that Biogen will post 16.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Primecap Management Co. CA grew its position in shares of Biogen by 0.7% during the 2nd quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock worth $3,787,543,000 after purchasing an additional 117,578 shares in the last quarter. State Street Corp lifted its holdings in shares of Biogen by 3.5% in the third quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock worth $1,423,747,000 after acquiring an additional 248,942 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Biogen by 1.3% during the third quarter. Geode Capital Management LLC now owns 3,613,020 shares of the biotechnology company’s stock worth $698,062,000 after buying an additional 47,055 shares during the last quarter. RA Capital Management L.P. raised its position in Biogen by 20.6% in the third quarter. RA Capital Management L.P. now owns 1,184,456 shares of the biotechnology company’s stock valued at $229,595,000 after purchasing an additional 202,317 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Biogen by 1.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,152,691 shares of the biotechnology company’s stock worth $223,438,000 after acquiring an additional 18,905 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Biogen Company Profile

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.