Biogen (NASDAQ:BIIB) Upgraded to “Strong-Buy” by StockNews.com

StockNews.com upgraded shares of Biogen (NASDAQ:BIIB) from a buy rating to a strong-buy rating in a report released on Monday morning.

Other equities research analysts also recently issued reports about the stock. Piper Sandler decreased their target price on shares of Biogen from $335.00 to $313.00 and set an overweight rating for the company in a research report on Friday, July 12th. Royal Bank of Canada increased their price objective on Biogen from $282.00 to $292.00 and gave the stock an outperform rating in a research note on Friday, August 2nd. Mizuho cut their target price on Biogen from $277.00 to $251.00 and set an outperform rating on the stock in a research report on Tuesday, August 6th. Barclays lowered 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. Finally, William Blair reaffirmed an outperform rating on shares of Biogen in a report on Wednesday, July 3rd. Eight investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Biogen presently has a consensus rating of Moderate Buy and a consensus price target of $276.35.

Biogen Stock Up 0.1 %

BIIB stock opened at $204.95 on Monday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29. Biogen has a fifty-two week low of $189.44 and a fifty-two week high of $270.50. The stock’s 50 day simple moving average is $214.54 and its 200 day simple moving average is $216.81. The company has a market cap of $29.84 billion, a P/E ratio of 25.59, a price-to-earnings-growth ratio of 2.06 and a beta of -0.04.

Biogen (NASDAQ:BIIB) last issued its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The company had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.39 billion. During the same period in the prior year, the firm earned $4.02 earnings per share. Biogen’s revenue for the quarter was up .4% on a year-over-year basis. On average, research analysts expect that Biogen will post 16.12 earnings per share for the current fiscal year.

Institutional Trading of Biogen

Several hedge funds have recently made changes to their positions in BIIB. Livelsberger Financial Advisory purchased a new stake in Biogen in the 4th quarter worth about $26,000. Plato Investment Management Ltd increased its stake in shares of Biogen by 82.8% in the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 53 shares in the last quarter. Rise Advisors LLC purchased a new stake in shares of Biogen during the 1st quarter valued at approximately $27,000. Itau Unibanco Holding S.A. purchased a new stake in shares of Biogen during the 2nd quarter valued at approximately $33,000. Finally, Versant Capital Management Inc boosted its holdings in Biogen by 123.2% in the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after buying an additional 85 shares during the period. 87.93% of the stock is currently 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.