Biogen (NASDAQ:BIIB) Receives “Outperform” Rating from Oppenheimer

Oppenheimer reissued their outperform rating on shares of Biogen (NASDAQ:BIIB) in a research note issued to investors on Monday, Benzinga reports. Oppenheimer currently has a $270.00 target price on the biotechnology company’s stock.

Several other research analysts have also recently weighed in on BIIB. Cantor Fitzgerald reaffirmed an overweight rating and set a $311.00 target price on shares of Biogen in a research note on Tuesday, February 20th. BTIG Research restated a neutral rating on shares of Biogen in a research report on Sunday, January 7th. BMO Capital Markets dropped their target price on shares of Biogen from $295.00 to $285.00 and set an outperform rating on the stock in a report on Wednesday, February 14th. Royal Bank of Canada reissued an outperform rating and set a $364.00 target price on shares of Biogen in a research note on Tuesday, March 5th. Finally, Piper Sandler decreased their price target on shares of Biogen from $350.00 to $325.00 and set an overweight rating on the stock in a research report on Wednesday, February 14th. Ten research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $291.64.

Biogen Trading Up 0.6 %

Shares of NASDAQ:BIIB opened at $216.13 on Monday. The company has a 50 day moving average of $212.30 and a 200-day moving average of $232.57. The company has a current ratio of 2.10, a quick ratio of 1.32 and a debt-to-equity ratio of 0.41. The firm has a market cap of $31.47 billion, a P/E ratio of 26.98, a P/E/G ratio of 2.19 and a beta of -0.02. Biogen has a twelve month low of $189.44 and a twelve month high of $319.76.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, topping analysts’ consensus estimates of $3.45 by $0.22. The firm had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.31 billion. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The firm’s revenue for the quarter was down 7.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.40 earnings per share. As a group, analysts anticipate that Biogen will post 15.59 earnings per share for the current fiscal year.

Insider Buying and Selling at Biogen

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Primecap Management Co. CA grew its holdings in Biogen by 1.6% during the fourth quarter. Primecap Management Co. CA now owns 16,264,481 shares of the biotechnology company’s stock valued at $4,208,760,000 after purchasing an additional 251,915 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Biogen by 18.2% during the 4th quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock worth $3,728,185,000 after buying an additional 2,218,744 shares during the period. Wellington Management Group LLP grew its stake in Biogen by 0.5% in the 3rd quarter. Wellington Management Group LLP now owns 5,374,310 shares of the biotechnology company’s stock valued at $1,381,251,000 after buying an additional 27,951 shares during the last quarter. Van ECK Associates Corp raised its holdings in Biogen by 22.2% in the 1st quarter. Van ECK Associates Corp now owns 1,737,340 shares of the biotechnology company’s stock worth $374,623,000 after acquiring an additional 316,144 shares during the period. Finally, Northern Trust Corp lifted its position in Biogen by 2.8% during the 3rd quarter. Northern Trust Corp now owns 1,643,035 shares of the biotechnology company’s stock worth $422,276,000 after acquiring an additional 45,437 shares during the last quarter. 87.93% of the stock is owned by institutional investors.

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.