Biogen (NASDAQ:BIIB) Coverage Initiated by Analysts at Wolfe Research

Wolfe Research started coverage on shares of Biogen (NASDAQ:BIIB) in a research note issued to investors on Friday, Marketbeat Ratings reports. The firm issued a peer perform rating on the biotechnology company’s stock.

Several other research analysts have also issued reports on BIIB. BMO Capital Markets reduced their target price on Biogen from $260.00 to $230.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. Robert W. Baird increased their price objective on shares of Biogen from $294.00 to $300.00 and gave the company an “outperform” rating in a research report on Friday. Oppenheimer lowered their target price on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Truist Financial restated a “buy” rating and set a $302.00 price target (down previously from $340.00) on shares of Biogen in a research note on Monday, August 5th. Finally, TD Cowen lowered their price objective on shares of Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $258.96.

Biogen Stock Down 1.3 %

Shares of Biogen stock opened at $157.94 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 company has a market cap of $23.01 billion, a P/E ratio of 14.27, a PEG ratio of 1.51 and a beta of -0.06. The firm’s 50 day moving average price is $185.16 and its 200-day moving average price is $206.88. Biogen has a 52-week low of $157.40 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.77 by $0.31. The business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same period in the previous year, the company earned $4.36 earnings per share. On average, sell-side analysts predict that Biogen will post 16.42 EPS for the current fiscal year.

Insider Activity at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares of the company’s stock, valued at $1,085,633.52. This represents a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.16% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BIIB. Plato Investment Management Ltd grew its holdings in shares of Biogen by 82.8% during 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 in the last quarter. Itau Unibanco Holding S.A. purchased a new stake in Biogen during the 2nd quarter valued at about $33,000. Ashton Thomas Securities LLC acquired a new stake in Biogen in the 3rd quarter valued at about $33,000. EntryPoint Capital LLC purchased a new position in Biogen in the 1st quarter worth approximately $36,000. Finally, Versant Capital Management Inc boosted its holdings in shares of Biogen by 123.2% during the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after purchasing an additional 85 shares during the last quarter. 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.