Biogen Inc (NASDAQ:BIIB) saw an uptick in trading volume on Tuesday following a better than expected earnings announcement. 21,491,809 shares were traded during mid-day trading, an increase of 1,028% from the previous session’s volume of 1,905,068 shares.The stock last traded at $281.87 and had previously closed at $223.51.
The biotechnology company reported $9.17 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $8.24 by $0.93. Biogen had a net margin of 37.62% and a return on equity of 44.89%. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.53 billion. During the same period last year, the company posted $7.40 earnings per share. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year.
A number of brokerages have issued reports on BIIB. Piper Jaffray Companies reaffirmed a “hold” rating on shares of Biogen in a report on Friday, July 26th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $296.00 target price (up from $236.00) on shares of Biogen in a report on Tuesday. Bank of America began coverage on shares of Biogen in a report on Wednesday, October 16th. They issued an “underperform” rating and a $200.00 target price for the company. Jefferies Financial Group increased their target price on shares of Biogen from $255.00 to $310.00 and gave the company a “hold” rating in a report on Tuesday. Finally, Oppenheimer set a $280.00 target price on shares of Biogen and gave the company a “buy” rating in a report on Tuesday, October 15th. Five equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $271.92.
Several hedge funds have recently added to or reduced their stakes in BIIB. Trustcore Financial Services LLC boosted its position in Biogen by 152.3% during the second quarter. Trustcore Financial Services LLC now owns 111 shares of the biotechnology company’s stock worth $26,000 after acquiring an additional 67 shares during the last quarter. Ruggie Capital Group acquired a new stake in Biogen during the second quarter worth approximately $33,000. JJJ Advisors Inc. acquired a new stake in Biogen during the second quarter worth approximately $35,000. Next Capital Management LLC boosted its position in Biogen by 101.3% during the second quarter. Next Capital Management LLC now owns 151 shares of the biotechnology company’s stock worth $35,000 after acquiring an additional 76 shares during the last quarter. Finally, Lenox Wealth Management Inc. boosted its position in Biogen by 131.9% during the second quarter. Lenox Wealth Management Inc. now owns 167 shares of the biotechnology company’s stock worth $39,000 after acquiring an additional 95 shares during the last quarter. Institutional investors and hedge funds own 86.31% of the company’s stock.
The stock’s 50-day moving average is $229.69 and its 200-day moving average is $231.20. The stock has a market cap of $40.59 billion, a price-to-earnings ratio of 10.76, a price-to-earnings-growth ratio of 1.19 and a beta of 1.02. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.46 and a quick ratio of 2.22.
About Biogen (NASDAQ:BIIB)
Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis (MS); SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of plaque psoriasis.
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