Biogen (NASDAQ:BIIB) Stock Moved Up to Strong-Buy by Wall Street Zen

Biogen (NASDAQ:BIIB) was upgraded by equities researchers at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research note issued on Saturday, Wall Street Zen reports.

A number of other brokerages have also recently weighed in on BIIB. Wells Fargo & Company upped their price target on Biogen from $250.00 to $310.00 and gave the company an “overweight” rating in a research report on Tuesday, October 20th. UBS Group increased their target price on shares of Biogen from $270.00 to $300.00 and gave the stock a “buy” rating in a research report on Thursday, October 29th. Piper Sandler reissued an “overweight” rating and set a $305.00 price target (up from $245.00) on shares of Biogen in a report on Monday. Canaccord Genuity Group lifted their price target on Biogen from $248.00 to $272.00 and gave the company a “buy” rating in a report on Thursday, October 29th. Finally, HC Wainwright upped their price target on shares of Biogen from $251.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, November 2nd. One research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $254.41.

Biogen Price Performance

NASDAQ:BIIB opened at $253.40 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.95 and a quick ratio of 1.37. Biogen has a one year low of $160.36 and a one year high of $261.00. The company has a fifty day moving average price of $233.35 and a 200 day moving average price of $205.04. The stock has a market cap of $37.46 billion, a P/E ratio of 108.29, a PEG ratio of 2.84 and a beta of 0.10.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, October 28th. The biotechnology company reported $2.62 EPS for the quarter, topping analysts’ consensus estimates of $1.99 by $0.63. The company had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.63 billion. Biogen had a return on equity of 9.38% and a net margin of 3.37%. The company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the company earned $4.81 EPS. Analysts anticipate that Biogen will post 12.46 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. State Street Corp lifted its stake in Biogen by 830.1% in the third quarter. State Street Corp now owns 136,622,812 shares of the biotechnology company’s stock valued at $30,860,361,000 after buying an additional 121,934,158 shares in the last quarter. BlackRock Inc. acquired a new position in shares of Biogen during the 2nd quarter worth approximately $3,453,878,000. Primecap Management Co. CA bought a new position in Biogen in the 2nd quarter valued at about $3,274,304,000. Wellington Management Group LLP boosted its position in shares of Biogen by 5.3% in the second quarter. Wellington Management Group LLP now owns 3,117,469 shares of the biotechnology company’s stock valued at $673,560,000 after acquiring an additional 155,828 shares during the period. Finally, Public Sector Pension Investment Board lifted its position in shares of Biogen by 10,085.8% during the 3rd quarter. Public Sector Pension Investment Board now owns 2,466,095 shares of the biotechnology company’s stock valued at $557,042,000 after acquiring an additional 2,441,884 shares during the period. Institutional investors and hedge funds own 87.93% of the company’s stock.

Biogen Company Profile

Biogen is a biotechnology company focused on developing and commercializing medicines for neurological and rare diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy and Friedreich’s ataxia. Its products include multiple sclerosis treatments such as Tysabri, Tecfidera and Vumerity, and Skyclarys for Friedreich’s ataxia. Biogen shares rights to several medicines with other companies, including Leqembi for Alzheimer’s disease with Eisai and Spinraza for spinal muscular atrophy with Ionis Pharmaceuticals.