Raymond James Upgrades Biogen (NASDAQ:BIIB) to “Market Perform”

Raymond James upgraded shares of Biogen (NASDAQ:BIIB) from an underperform rating to a market perform rating in a report published on Monday, The Fly reports.

A number of other brokerages have also recently issued reports on BIIB. Oppenheimer upped their target price on Biogen from $300.00 to $325.00 and gave the stock an outperform rating in a report on Tuesday, May 18th. Bank of America raised Biogen from an underperform rating to a neutral rating and upped their target price for the stock from $235.00 to $400.00 in a report on Monday. HC Wainwright reaffirmed a buy rating on shares of Biogen in a report on Friday, April 23rd. Cantor Fitzgerald lowered their target price on Biogen from $278.00 to $268.00 and set a neutral rating for the company in a report on Wednesday, February 17th. Finally, Cowen raised Biogen from a market perform rating to an outperform rating and upped their target price for the stock from $225.00 to $450.00 in a report on Monday. Sixteen equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $369.86.

Biogen stock opened at $414.71 on Monday. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.12 and a quick ratio of 1.75. Biogen has a 52 week low of $223.25 and a 52 week high of $468.55. The firm has a market cap of $62.44 billion, a PE ratio of 21.76, a P/E/G ratio of 1.87 and a beta of 0.44. The stock’s fifty day simple moving average is $282.68.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, April 21st. The biotechnology company reported $5.34 EPS for the quarter, topping analysts’ consensus estimates of $5.06 by $0.28. Biogen had a return on equity of 42.04% and a net margin of 23.89%. The company had revenue of $2.69 billion during the quarter, compared to analysts’ expectations of $2.67 billion. During the same quarter in the previous year, the firm earned $9.14 EPS. Biogen’s revenue was down 23.8% on a year-over-year basis. As a group, research analysts anticipate that Biogen will post 18.43 earnings per share for the current year.

In other Biogen news, Director Brian S. Posner sold 360 shares of the stock in a transaction that occurred on Friday, June 4th. The stock was sold at an average price of $274.17, for a total value of $98,701.20. Following the transaction, the director now owns 7,400 shares in the company, valued at $2,028,858. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Alfred Sandrock sold 7,672 shares of the stock in a transaction that occurred on Monday, June 7th. The stock was sold at an average price of $440.00, for a total value of $3,375,680.00. Following the completion of the transaction, the insider now owns 2,919 shares in the company, valued at approximately $1,284,360. The disclosure for this sale can be found here. 0.62% of the stock is currently owned by corporate insiders.

Institutional investors have recently modified their holdings of the company. Annapolis Financial Services LLC purchased a new stake in shares of Biogen in the fourth quarter worth approximately $25,000. Signet Investment Advisory Group Inc. purchased a new stake in shares of Biogen in the fourth quarter worth approximately $26,000. Prime Capital Investment Advisors LLC purchased a new stake in shares of Biogen in the first quarter worth approximately $26,000. Sittner & Nelson LLC purchased a new stake in shares of Biogen in the fourth quarter worth approximately $28,000. Finally, Coastal Capital Group Inc. purchased a new stake in shares of Biogen in the first quarter worth approximately $28,000. 85.10% of the stock is owned by hedge funds and other institutional investors.

About Biogen

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

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Analyst Recommendations for Biogen (NASDAQ:BIIB)

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