Stifel Nicolaus upgraded shares of Biogen Inc. (NASDAQ:BIIB) from a hold rating to a buy rating in a research note published on Tuesday, Marketbeat reports. The brokerage currently has $415.00 target price on the biotechnology company’s stock, up from their previous target price of $300.00.
“gigantic” aducanumab phase 3 trial, which started in 2015 and was 50 percent enrolled in the second quarter of 2017, Shrader commented in his upgrade note. This should be seen as a “no news is good news” scenario as the Data and Safety Monitoring Board has likely seen a lot of data and hasn’t reported anything negative.Second, Biogen’s partner Eisai is set to report an interim outlook at its plaque-busting mAb that targets the form of Ab plaque thought to lead to neuronal destruction, the analyst continued. The only possible negative outcome would be strong plaque removal with no hints of cognitive benefit and any other result could either be very good or OK.Third, Biogen’s often ignored stroke programs address a very large market. Of particular note, the company’s Tysabri stoke program uncovered the “same cognitive and energy benefits in stroke patients that are routinely reported in MS patients” and turning this effect into a clinical endpoint that would be acceptable for the U.S. Food and Drug Administration is the likely next step.Finally, Ocrelizumab as part of the company’s base business is “meh not mud,” the analyst added. The therapy remains a drug with “remarkable anti inflammatory properties,” but a commercial rollout will likely be “measured.,” Stifel Nicolaus’ analyst commented.
Several other brokerages also recently weighed in on BIIB. BMO Capital Markets boosted their target price on shares of Biogen from $328.00 to $377.00 and gave the company a market perform rating in a research note on Wednesday, September 13th. Mizuho reissued a neutral rating and issued a $319.00 target price (up previously from $274.00) on shares of Biogen in a research note on Wednesday, September 13th. Vetr raised shares of Biogen from a hold rating to a buy rating and set a $346.83 target price for the company in a research note on Thursday, September 7th. Royal Bank Of Canada assumed coverage on shares of Biogen in a research note on Thursday, September 14th. They issued a sector perform rating and a $319.00 target price for the company. Finally, ValuEngine downgraded shares of Biogen from a buy rating to a hold rating in a research note on Friday, September 1st. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $340.67.
Shares of Biogen (NASDAQ:BIIB) opened at 338.10 on Tuesday. The company has a 50 day moving average of $324.65 and a 200-day moving average of $285.82. The stock has a market cap of $71.48 billion, a price-to-earnings ratio of 22.19 and a beta of 0.77. Biogen has a one year low of $244.28 and a one year high of $348.84.
Biogen (NASDAQ:BIIB) last announced its earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share for the quarter, beating the consensus estimate of $4.36 by $0.68. Biogen had a net margin of 28.10% and a return on equity of 37.42%. The firm had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $2.81 billion. During the same quarter in the previous year, the company posted $5.21 EPS. The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. On average, analysts anticipate that Biogen will post $21.63 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 completion of the transaction, the executive vice president now directly owns 22,258 shares in the company, valued at approximately $6,455,042.58. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.25% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in BIIB. Waldron LP boosted its stake in shares of Biogen by 17.0% during the 1st quarter. Waldron LP now owns 3,022 shares of the biotechnology company’s stock valued at $826,000 after buying an additional 439 shares during the last quarter. Baird Financial Group Inc. boosted its stake in shares of Biogen by 36.2% during the 1st quarter. Baird Financial Group Inc. now owns 139,171 shares of the biotechnology company’s stock valued at $38,052,000 after buying an additional 36,975 shares during the last quarter. Lingohr & Partner Asset Management GmbH purchased a new position in shares of Biogen during the 1st quarter valued at approximately $964,000. Beacon Trust Co. boosted its stake in shares of Biogen by 0.5% during the 1st quarter. Beacon Trust Co. now owns 1,135 shares of the biotechnology company’s stock valued at $328,000 after buying an additional 6 shares during the last quarter. Finally, Savant Capital LLC boosted its stake in shares of Biogen by 3.7% during the 1st quarter. Savant Capital LLC now owns 846 shares of the biotechnology company’s stock valued at $231,000 after buying an additional 30 shares during the last quarter. Institutional investors own 87.62% of the company’s stock.
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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