Needham & Company LLC Reiterates Buy Rating for Biogen (NASDAQ:BIIB)

Needham & Company LLC reaffirmed their buy rating on shares of Biogen (NASDAQ:BIIB) in a report published on Wednesday, Benzinga reports. They currently have a $294.00 price target on the biotechnology company’s stock.

BIIB has been the subject of a number of other research reports. Cantor Fitzgerald reaffirmed an overweight rating and issued a $311.00 target price on shares of Biogen in a report on Tuesday, February 20th. Wells Fargo & Company cut Biogen from an overweight rating to an equal weight rating and lowered their target price for the stock from $315.00 to $240.00 in a report on Wednesday, February 14th. Wedbush lowered their target price on Biogen from $245.00 to $213.00 and set a neutral rating for the company in a report on Wednesday, April 17th. Canaccord Genuity Group lowered their target price on Biogen from $310.00 to $305.00 and set a buy rating for the company in a report on Tuesday, February 20th. Finally, Mizuho lowered their target price on Biogen from $355.00 to $277.00 and set a buy rating for the company in a report on Thursday, February 22nd. Ten equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, Biogen has a consensus rating of Moderate Buy and an average price target of $293.88.

Biogen Price Performance

Biogen stock opened at $208.90 on Wednesday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.26 and a current ratio of 2.10. Biogen has a 52 week low of $189.44 and a 52 week high of $319.76. The stock has a market capitalization of $30.37 billion, a P/E ratio of 26.08, a price-to-earnings-growth ratio of 1.92 and a beta of -0.02. The stock has a fifty day moving average of $212.55 and a 200-day moving average of $233.78.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, topping analysts’ consensus estimates of $3.45 by $0.22. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter in the previous year, the firm earned $3.40 EPS. Biogen’s revenue was down 7.0% on a year-over-year basis. On average, sell-side analysts expect that Biogen will post 15.48 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 419 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $239.45, for a total value of $100,329.55. Following the transaction, the insider now owns 4,516 shares in the company, valued at $1,081,356.20. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Biogen news, insider Priya Singhal sold 419 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $239.45, for a total value of $100,329.55. Following the transaction, the insider now owns 4,516 shares in the company, valued at $1,081,356.20. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Eric K. Rowinsky purchased 455 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was purchased at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the acquisition, the director now owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 882 shares of company stock worth $202,030. Corporate insiders own 0.60% of the company’s stock.

Institutional Trading of Biogen

Several institutional investors and hedge funds have recently modified their holdings of the stock. Stratos Wealth Partners LTD. raised its stake in shares of Biogen by 1.1% in the third quarter. Stratos Wealth Partners LTD. now owns 4,032 shares of the biotechnology company’s stock worth $1,036,000 after purchasing an additional 42 shares during the last quarter. Sequoia Financial Advisors LLC raised its stake in shares of Biogen by 2.3% in the third quarter. Sequoia Financial Advisors LLC now owns 2,043 shares of the biotechnology company’s stock worth $525,000 after purchasing an additional 45 shares during the last quarter. PAX Financial Group LLC raised its stake in shares of Biogen by 2.9% in the third quarter. PAX Financial Group LLC now owns 1,577 shares of the biotechnology company’s stock worth $405,000 after purchasing an additional 45 shares during the last quarter. Cary Street Partners Investment Advisory LLC raised its stake in shares of Biogen by 2.4% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 1,955 shares of the biotechnology company’s stock worth $502,000 after purchasing an additional 45 shares during the last quarter. Finally, Ballentine Partners LLC raised its stake in shares of Biogen by 3.2% in the third quarter. Ballentine Partners LLC now owns 1,528 shares of the biotechnology company’s stock worth $393,000 after purchasing an additional 48 shares during the last quarter. 87.93% 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 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.