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

Needham & Company LLC reiterated their buy rating on shares of Biogen (NASDAQ:BIIB) in a report published on Monday, Benzinga reports. Needham & Company LLC currently has a $285.00 price objective on the biotechnology company’s stock.

Several other brokerages have also weighed in on BIIB. Robert W. Baird decreased their price objective on Biogen from $316.00 to $294.00 and set an outperform rating for the company in a report on Monday, July 29th. Barclays dropped their price target on Biogen from $200.00 to $190.00 and set an equal weight rating for the company in a research report on Friday, August 2nd. HSBC lifted their price target on Biogen from $339.00 to $342.00 and gave the company a buy rating in a research report on Friday, May 3rd. Royal Bank of Canada boosted their target price on Biogen from $282.00 to $292.00 and gave the stock an outperform rating in a research report on Friday, August 2nd. Finally, HC Wainwright restated a buy rating and issued a $300.00 target price on shares of Biogen in a research report on Thursday, May 23rd. Eight analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat, Biogen currently has an average rating of Moderate Buy and a consensus target price of $276.35.

Biogen Price Performance

NASDAQ:BIIB opened at $206.18 on Monday. Biogen has a 1-year low of $189.44 and a 1-year high of $270.50. The company has a current ratio of 2.29, a quick ratio of 1.32 and a debt-to-equity ratio of 0.40. The firm has a fifty day simple moving average of $218.90 and a 200 day simple moving average of $218.90. The stock has a market capitalization of $30.02 billion, a PE ratio of 25.74, a P/E/G ratio of 2.09 and a beta of -0.04.

Biogen (NASDAQ:BIIB) last posted its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The firm had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.39 billion. During the same quarter in the prior year, the business earned $4.02 earnings per share. The business’s revenue for the quarter was up .4% compared to the same quarter last year. On average, research analysts expect that Biogen will post 15.87 EPS for the current fiscal year.

Institutional Trading of Biogen

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Leo Wealth LLC purchased a new stake in Biogen during the 4th quarter worth approximately $2,265,000. Duality Advisers LP purchased a new stake in shares of Biogen in the first quarter valued at approximately $1,290,000. Tocqueville Asset Management L.P. lifted its holdings in Biogen by 924.4% in the first quarter. Tocqueville Asset Management L.P. now owns 46,200 shares of the biotechnology company’s stock valued at $9,962,000 after acquiring an additional 41,690 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Biogen by 0.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock worth $83,337,000 after purchasing an additional 3,380 shares in the last quarter. Finally, Cetera Investment Advisers lifted its stake in Biogen by 235.1% during the first quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock worth $3,204,000 after purchasing an additional 10,425 shares in the last quarter. Institutional investors and hedge funds 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.