Biogen (NASDAQ:BIIB) Now Covered by SunTrust Banks

Investment analysts at SunTrust Banks assumed coverage on shares of Biogen (NASDAQ:BIIB) in a research report issued to clients and investors on Tuesday, Marketbeat.com reports. The brokerage set a “buy” rating and a $337.00 price target on the biotechnology company’s stock. SunTrust Banks’ price target would suggest a potential upside of 19.39% from the stock’s current price. SunTrust Banks also issued estimates for Biogen’s FY2023 earnings at $36.67 EPS.

Other analysts have also issued reports about the company. Canaccord Genuity lifted their price target on Biogen from $285.00 to $305.00 and gave the stock a “hold” rating in a research note on Wednesday, October 23rd. Svb Leerink raised Biogen from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $256.00 to $350.00 in a research note on Wednesday, October 23rd. BMO Capital Markets lifted their price target on Biogen from $250.00 to $297.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 23rd. Morgan Stanley lifted their price target on Biogen from $212.00 to $262.00 and gave the stock an “underweight” rating in a research note on Wednesday, October 23rd. Finally, Cowen lifted their price target on Biogen from $275.00 to $325.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Five equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and ten have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $290.28.

Biogen stock traded up $7.12 during midday trading on Tuesday, reaching $282.27. The company’s stock had a trading volume of 1,916,700 shares, compared to its average volume of 3,087,517. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.91 and a quick ratio of 1.74. Biogen has a 52-week low of $215.77 and a 52-week high of $344.00. The stock’s 50-day simple moving average is $256.69 and its 200-day simple moving average is $237.89. The stock has a market capitalization of $50.86 billion, a P/E ratio of 10.77, a PEG ratio of 1.53 and a beta of 1.07.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Tuesday, October 22nd. The biotechnology company reported $9.17 EPS for the quarter, beating the consensus estimate of $8.27 by $0.90. Biogen had a return on equity of 46.14% and a net margin of 37.91%. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.53 billion. During the same period last year, the company earned $7.40 earnings per share. Biogen’s quarterly revenue was up 4.7% compared to the same quarter last year. As a group, equities research analysts expect that Biogen will post 33.14 earnings per share for the current fiscal year.

Institutional investors have recently made changes to their positions in the stock. Thomasville National Bank raised its position in Biogen by 4.5% in the second quarter. Thomasville National Bank now owns 24,384 shares of the biotechnology company’s stock valued at $5,703,000 after purchasing an additional 1,052 shares during the period. Pensionfund DSM Netherlands raised its position in Biogen by 20.4% in the second quarter. Pensionfund DSM Netherlands now owns 11,200 shares of the biotechnology company’s stock valued at $2,619,000 after purchasing an additional 1,900 shares during the period. Pensionfund Sabic raised its position in Biogen by 23.0% in the second quarter. Pensionfund Sabic now owns 7,500 shares of the biotechnology company’s stock valued at $1,754,000 after purchasing an additional 1,400 shares during the period. Fulton Bank N.A. raised its position in Biogen by 4.1% in the second quarter. Fulton Bank N.A. now owns 1,199 shares of the biotechnology company’s stock valued at $281,000 after purchasing an additional 47 shares during the period. Finally, Swedbank raised its position in Biogen by 21.9% in the second quarter. Swedbank now owns 156,323 shares of the biotechnology company’s stock valued at $36,559,000 after purchasing an additional 28,088 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis (MS); SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of plaque psoriasis.

See Also: Market Indexes

Analyst Recommendations for Biogen (NASDAQ:BIIB)

Receive News & Ratings for Biogen Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Biogen and related companies with MarketBeat.com's FREE daily email newsletter.