Biogen’s (BIIB) “Outperform” Rating Reaffirmed at Oppenheimer

Biogen (NASDAQ:BIIB)‘s stock had its “outperform” rating reaffirmed by investment analysts at Oppenheimer in a report issued on Monday, Benzinga reports. They presently have a $270.00 price target on the biotechnology company’s stock. Oppenheimer’s price objective suggests a potential upside of 25.69% from the company’s current price.

Several other equities analysts also recently issued reports on the company. BMO Capital Markets cut their price objective on Biogen from $295.00 to $285.00 and set an “outperform” rating for the company in a research report on Wednesday, February 14th. Needham & Company LLC restated a “buy” rating and issued a $294.00 price objective on shares of Biogen in a report on Wednesday, April 24th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $364.00 target price on shares of Biogen in a report on Tuesday, March 5th. Mizuho reduced their target price on Biogen from $355.00 to $277.00 and set a “buy” rating on the stock in a report on Thursday, February 22nd. Finally, Piper Sandler decreased their target price on Biogen from $350.00 to $325.00 and set an “overweight” rating for the company in a research note on Wednesday, February 14th. Ten research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $293.88.

Biogen Trading Down 0.3 %

Shares of Biogen stock opened at $214.82 on Monday. Biogen has a 12-month low of $189.44 and a 12-month high of $319.76. The stock has a market capitalization of $31.28 billion, a P/E ratio of 26.82, a price-to-earnings-growth ratio of 2.13 and a beta of -0.02. The company has a 50-day simple moving average of $212.40 and a 200 day simple moving average of $232.69. The company has a quick ratio of 1.32, a current ratio of 2.10 and a debt-to-equity ratio of 0.41.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, topping the consensus estimate of $3.45 by $0.22. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The firm had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.31 billion. During the same period in the prior year, the firm earned $3.40 earnings per share. The company’s quarterly revenue was down 7.0% compared to the same quarter last year. Research analysts expect that Biogen will post 15.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Priya Singhal sold 262 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total transaction of $57,962.26. Following the transaction, the insider now directly owns 4,886 shares in the company, valued at $1,080,929.78. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, insider Priya Singhal sold 262 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total value of $57,962.26. Following the transaction, the insider now directly owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric K. Rowinsky bought 455 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was purchased at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the acquisition, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The disclosure for this purchase can be found here. Insiders have sold 882 shares of company stock valued at $202,030 in the last 90 days. 0.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Biogen

Hedge funds and other institutional investors have recently modified their holdings of the business. AE Wealth Management LLC increased its stake in shares of Biogen by 31.4% in the third quarter. AE Wealth Management LLC now owns 1,666 shares of the biotechnology company’s stock valued at $428,000 after buying an additional 398 shares during the period. DAVENPORT & Co LLC increased its stake in shares of Biogen by 28.5% in the third quarter. DAVENPORT & Co LLC now owns 1,360 shares of the biotechnology company’s stock valued at $350,000 after buying an additional 302 shares during the period. Valeo Financial Advisors LLC raised its position in shares of Biogen by 9.3% during the third quarter. Valeo Financial Advisors LLC now owns 1,243 shares of the biotechnology company’s stock worth $319,000 after acquiring an additional 106 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in Biogen by 1.9% in the third quarter. Commonwealth Equity Services LLC now owns 23,416 shares of the biotechnology company’s stock valued at $6,018,000 after acquiring an additional 433 shares during the last quarter. Finally, Compagnie Lombard Odier SCmA increased its position in Biogen by 116.2% during the 3rd quarter. Compagnie Lombard Odier SCmA now owns 400 shares of the biotechnology company’s stock valued at $103,000 after purchasing an additional 215 shares during the period. 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.