Biogen Inc. (NASDAQ:BIIB) Stock Now Rated “Moderate Buy” by Sell-Side Analysts

Biogen Inc. (NASDAQ:BIIB) has been given a consensus recommendation of “Moderate Buy” by the thirty-three ratings firms that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $252.34.

BIIB has been the subject of several recent analyst reports. Argus raised shares of Biogen from a “hold” rating to a “buy” rating and set a $280.00 price objective for the company in a research note on Thursday, October 29th. JPMorgan Chase & Co. raised Biogen from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $210.00 to $300.00 in a research note on Monday, October 12th. Zacks Research upgraded Biogen from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 28th. Stifel Nicolaus set a $242.00 price target on Biogen in a report on Thursday, September 10th. Finally, Morgan Stanley upped their price target on Biogen from $231.00 to $238.00 and gave the company an “equal weight” rating in a research report on Thursday, October 29th.

Hedge Funds Weigh In On Biogen

Several hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in Biogen during the second quarter valued at $3,453,878,000. Primecap Management Co. CA bought a new stake in Biogen in the second quarter worth $3,274,304,000. Russell Investments Group Ltd. boosted its holdings in Biogen by 1,524.5% in the third quarter. Russell Investments Group Ltd. now owns 2,175,055 shares of the biotechnology company’s stock worth $491,301,000 after acquiring an additional 2,041,161 shares in the last quarter. Legal & General Group Plc purchased a new stake in shares of Biogen in the second quarter worth $322,640,000. Finally, Pictet Asset Management Holding SA grew its stake in shares of Biogen by 139.4% in the third quarter. Pictet Asset Management Holding SA now owns 2,039,056 shares of the biotechnology company’s stock worth $460,582,000 after acquiring an additional 1,187,237 shares during the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Stock Performance

NASDAQ:BIIB opened at $248.35 on Wednesday. The firm has a market capitalization of $36.71 billion, a P/E ratio of 106.13, a P/E/G ratio of 2.82 and a beta of 0.10. The company has a quick ratio of 1.37, a current ratio of 1.95 and a debt-to-equity ratio of 0.39. The company has a fifty day moving average of $230.01 and a 200 day moving average of $203.04. Biogen has a 52 week low of $151.83 and a 52 week high of $258.78.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.99 by $0.63. Biogen had a net margin of 3.37% and a return on equity of 9.38%. The business had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.63 billion. During the same quarter last year, the firm earned $4.81 EPS. The company’s revenue was up 10.6% on a year-over-year basis. On average, research analysts predict that Biogen will post 12.45 earnings per share for the current year.

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.

Founded in 1978, Biogen is headquartered in Cambridge, Massachusetts, and serves patients and healthcare providers in the United States and international markets.