Biogen (NASDAQ:BIIB) PT Raised to $455.00

Biogen (NASDAQ:BIIB) had its price target hoisted by Morgan Stanley from $343.00 to $455.00 in a research report report published on Tuesday, Analyst Price Targets reports. Morgan Stanley currently has an overweight rating on the biotechnology company’s stock.

Other research analysts have also recently issued research reports about the company. Cowen upgraded Biogen from a market perform rating to an outperform rating and raised their price target for the company from $225.00 to $450.00 in a research report on Monday. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upgraded Biogen from a sell rating to a neutral rating and raised their price target for the company from $200.00 to $440.00 in a research report on Tuesday. Atlantic Securities upgraded Biogen from an underweight rating to a neutral rating and set a $415.00 price target for the company in a research report on Tuesday. Cantor Fitzgerald dropped their price target on Biogen from $278.00 to $268.00 and set a neutral rating for the company in a research report on Wednesday, February 17th. Finally, HC Wainwright raised their price target on Biogen from $305.00 to $452.00 and gave the company a buy rating in a research report on Tuesday. Sixteen analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $369.86.

Biogen stock opened at $414.71 on Tuesday. Biogen has a one year low of $223.25 and a one year high of $468.55. The company has a current ratio of 2.12, a quick ratio of 1.75 and a debt-to-equity ratio of 0.68. The firm has a fifty day simple moving average of $282.68. The firm has a market capitalization of $62.44 billion, a P/E ratio of 21.76, a P/E/G ratio of 1.87 and a beta of 0.44.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, April 21st. The biotechnology company reported $5.34 EPS for the quarter, beating analysts’ consensus estimates of $5.06 by $0.28. Biogen had a return on equity of 42.04% and a net margin of 23.89%. The company had revenue of $2.69 billion during the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter last year, the company earned $9.14 earnings per share. Biogen’s quarterly revenue was down 23.8% compared to the same quarter last year. On average, equities analysts anticipate that Biogen will post 18.43 EPS for the current fiscal year.

In other news, Director Brian S. Posner sold 360 shares of Biogen stock in a transaction dated Friday, June 4th. The stock was sold at an average price of $274.17, for a total value of $98,701.20. Following the transaction, the director now directly owns 7,400 shares of the company’s stock, valued at approximately $2,028,858. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Alfred Sandrock sold 7,672 shares of Biogen stock in a transaction dated Monday, June 7th. The shares were sold at an average price of $440.00, for a total value of $3,375,680.00. Following the completion of the transaction, the insider now directly owns 2,919 shares in the company, valued at $1,284,360. The disclosure for this sale can be found here. 0.62% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BIIB. Factorial Partners LLC lifted its stake in shares of Biogen by 23,953.3% in the 1st quarter. Factorial Partners LLC now owns 2,573,700 shares of the biotechnology company’s stock valued at $9,200,000 after purchasing an additional 2,563,000 shares in the last quarter. Norges Bank acquired a new position in shares of Biogen in the 4th quarter valued at about $466,128,000. Primecap Management Co. CA lifted its stake in shares of Biogen by 5.9% in the 1st quarter. Primecap Management Co. CA now owns 16,758,256 shares of the biotechnology company’s stock valued at $4,688,122,000 after purchasing an additional 936,190 shares in the last quarter. Clearbridge Investments LLC lifted its position in Biogen by 10.3% during the 1st quarter. Clearbridge Investments LLC now owns 3,969,044 shares of the biotechnology company’s stock worth $1,110,340,000 after acquiring an additional 370,371 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in Biogen by 23.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,687,298 shares of the biotechnology company’s stock worth $413,152,000 after acquiring an additional 316,017 shares in the last quarter. 85.10% of the stock is currently owned by institutional investors and hedge funds.

About Biogen

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; and FUMADERM to treat plaque psoriasis.

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Analyst Recommendations for Biogen (NASDAQ:BIIB)

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