Needham & Company LLC Reaffirms Buy Rating for Biogen (NASDAQ:BIIB)

Needham & Company LLC reissued their buy rating on shares of Biogen (NASDAQ:BIIB) in a research note published on Thursday morning, Benzinga reports. The firm currently has a $288.00 price target on the biotechnology company’s stock.

Other equities analysts also recently issued research reports about the company. Robert W. Baird cut their target price on Biogen from $316.00 to $294.00 and set an outperform rating for the company in a research report on Monday, July 29th. Royal Bank of Canada reaffirmed an outperform rating and set a $317.00 price objective on shares of Biogen in a research note on Wednesday, June 26th. HC Wainwright reissued a buy rating and set a $300.00 target price on shares of Biogen in a research note on Thursday, May 23rd. Bank of America decreased their price objective on Biogen from $280.00 to $260.00 and set a neutral rating for the company in a report on Friday, April 12th. Finally, Truist Financial reissued a buy rating and issued a $340.00 target price on shares of Biogen in a research note on Thursday, May 16th. Ten analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $277.50.

Biogen Stock Down 3.1 %

Shares of BIIB stock traded down $6.37 during trading on Thursday, hitting $199.29. 669,742 shares of the company were exchanged, compared to its average volume of 1,146,831. Biogen has a twelve month low of $189.44 and a twelve month high of $278.95. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.32 and a current ratio of 2.29. The firm has a market capitalization of $29.02 billion, a price-to-earnings ratio of 25.11, a P/E/G ratio of 2.09 and a beta of -0.04. The business’s 50-day simple moving average is $225.01 and its 200 day simple moving average is $222.82.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, beating the consensus estimate of $4.00 by $1.28. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.39 billion. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The company’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter last year, the company posted $4.02 earnings per share. As a group, analysts forecast that Biogen will post 15.87 EPS for the current fiscal year.

Institutional Investors Weigh In On Biogen

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Leo Wealth LLC purchased a new position in Biogen during the 4th quarter worth $2,265,000. Everence Capital Management Inc. lifted its stake in shares of Biogen by 26.6% in the 4th quarter. Everence Capital Management Inc. now owns 5,000 shares of the biotechnology company’s stock valued at $1,294,000 after purchasing an additional 1,050 shares during the period. Duality Advisers LP acquired a new position in Biogen in the 1st quarter worth about $1,290,000. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Biogen by 0.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock valued at $83,337,000 after buying an additional 3,380 shares in the last quarter. Finally, Tocqueville Asset Management L.P. increased its stake in shares of Biogen by 924.4% during the first quarter. Tocqueville Asset Management L.P. now owns 46,200 shares of the biotechnology company’s stock worth $9,962,000 after purchasing an additional 41,690 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Company Profile

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.