Raymond James Financial, Inc. cut shares of Biogen Inc. (NASDAQ:BIIB) from a strong-buy rating to a market perform rating in a report released on Thursday morning, MarketBeat Ratings reports. Raymond James Financial, Inc. currently has $319.00 target price on the biotechnology company’s stock, up from their prior target price of $244.28.
BIIB has been the subject of several other reports. UBS AG restated a neutral rating and issued a $285.00 price target (up from $270.00) on shares of Biogen in a report on Wednesday, July 26th. Sanford C. Bernstein restated an outperform rating on shares of Biogen in a report on Thursday, May 25th. Vetr downgraded Biogen from a strong-buy rating to a buy rating and set a $311.67 price objective for the company. in a report on Wednesday, June 21st. Goldman Sachs Group, Inc. (The) upgraded Biogen from a buy rating to a conviction-buy rating and set a $338.00 price objective for the company in a report on Wednesday, August 16th. Finally, Deutsche Bank AG reiterated a buy rating and set a $319.00 price objective (up from $315.00) on shares of Biogen in a report on Wednesday, July 26th. Fourteen analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Biogen currently has an average rating of Buy and a consensus target price of $328.16.
Shares of Biogen (BIIB) opened at 318.46 on Thursday. The firm has a market capitalization of $67.33 billion, a price-to-earnings ratio of 20.90 and a beta of 0.77. The firm’s 50-day moving average price is $300.47 and its 200-day moving average price is $278.47. Biogen has a 12 month low of $244.28 and a 12 month high of $330.00.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.36 by $0.68. Biogen had a return on equity of 37.42% and a net margin of 28.10%. The company had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $2.81 billion. During the same period in the prior year, the company earned $5.21 earnings per share. The company’s revenue for the quarter was up 6.4% compared to the same quarter last year. On average, equities analysts anticipate that Biogen will post $21.51 earnings per share for the current year.
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In other news, EVP Susan H. Alexander sold 4,974 shares of the stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $290.01, for a total transaction of $1,442,509.74. Following the transaction, the executive vice president now owns 22,258 shares in the company, valued at $6,455,042.58. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Susan H. Alexander sold 7,758 shares of the stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $285.00, for a total value of $2,211,030.00. Following the transaction, the executive vice president now owns 27,232 shares in the company, valued at approximately $7,761,120. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in BIIB. BlackRock Inc. increased its stake in shares of Biogen by 2,762.0% during the first quarter. BlackRock Inc. now owns 17,692,259 shares of the biotechnology company’s stock worth $4,837,418,000 after purchasing an additional 17,074,075 shares during the period. Janus Henderson Group PLC increased its stake in shares of Biogen by 4,585.3% during the second quarter. Janus Henderson Group PLC now owns 1,445,560 shares of the biotechnology company’s stock worth $392,265,000 after purchasing an additional 1,414,707 shares during the period. Janus Capital Management LLC increased its stake in shares of Biogen by 204.8% during the first quarter. Janus Capital Management LLC now owns 1,936,719 shares of the biotechnology company’s stock worth $529,524,000 after purchasing an additional 1,301,251 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Biogen by 2,288.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 1,352,164 shares of the biotechnology company’s stock worth $369,709,000 after purchasing an additional 1,295,540 shares during the period. Finally, Winslow Capital Management LLC bought a new position in shares of Biogen during the first quarter worth approximately $345,143,000. Institutional investors own 87.65% of the company’s stock.
Biogen Company Profile
Biogen Inc is a biopharmaceutical company. The Company focuses on discovering, developing, manufacturing and delivering therapies to people living with serious neurological, rare and autoimmune diseases. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA and FAMPYRA for multiple sclerosis (MS), FUMADERM for the treatment of severe plaque psoriasis and SPINRAZA for the treatment of spinal muscular atrophy (SMA).
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