Biogen Inc. (BIIB) Receives “Market Perform” Rating from BMO Capital Markets
BMO Capital Markets restated their market perform rating on shares of Biogen Inc. (NASDAQ:BIIB) in a research report report published on Tuesday morning. The firm currently has a $304.00 target price on the biotechnology company’s stock.
A number of other analysts also recently issued reports on the company. Morgan Stanley reaffirmed a buy rating on shares of Biogen in a report on Thursday, June 30th. Sanford C. Bernstein began coverage on Biogen in a research report on Wednesday, June 29th. They set an outperform rating and a $282.00 target price on the stock. Vetr upgraded Biogen from a buy rating to a strong-buy rating and set a $346.47 target price on the stock in a research report on Monday, September 12th. Citigroup Inc. cut Biogen from a buy rating to a neutral rating and cut their target price for the stock from $345.00 to $295.00 in a research report on Tuesday, June 7th. Finally, Piper Jaffray Cos. reiterated a neutral rating and set a $333.00 target price (up previously from $293.00) on shares of Biogen in a research report on Tuesday, August 16th. Eleven research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $346.03.
Shares of Biogen (NASDAQ:BIIB) traded down 0.06% during mid-day trading on Tuesday, hitting $311.28. The stock had a trading volume of 204,483 shares. The firm has a market cap of $68.21 billion, a PE ratio of 18.18 and a beta of 0.95. Biogen has a 52-week low of $223.02 and a 52-week high of $333.65. The firm has a 50 day moving average price of $309.05 and a 200 day moving average price of $278.92.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Thursday, July 21st. The biotechnology company reported $5.21 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $4.69 by $0.52. The company earned $2.89 billion during the quarter, compared to the consensus estimate of $2.79 billion. Biogen had a return on equity of 40.59% and a net margin of 33.97%. Biogen’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same period in the previous year, the business earned $4.22 EPS. Equities analysts predict that Biogen will post $20.10 EPS for the current year.
In related news, EVP Adriana Karaboutis sold 380 shares of the company’s stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $313.00, for a total value of $118,940.00. Following the sale, the executive vice president now owns 7,172 shares of the company’s stock, valued at approximately $2,244,836. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO George A. Scangos sold 157 shares of the company’s stock in a transaction that occurred on Thursday, July 21st. The shares were sold at an average price of $280.00, for a total value of $43,960.00. Following the completion of the sale, the chief executive officer now directly owns 54,779 shares in the company, valued at approximately $15,338,120. The disclosure for this sale can be found here. Insiders own 0.32% of the company’s stock.
A number of large investors have recently bought and sold shares of the stock. Strs Ohio raised its stake in Biogen by 10.6% in the second quarter. Strs Ohio now owns 303,272 shares of the biotechnology company’s stock worth $73,337,000 after buying an additional 29,114 shares during the last quarter. Boston Advisors LLC raised its stake in Biogen by 2,223.4% in the second quarter. Boston Advisors LLC now owns 127,347 shares of the biotechnology company’s stock worth $30,795,000 after buying an additional 121,866 shares during the last quarter. Artemis Investment Management LLP raised its stake in Biogen by 203.9% in the second quarter. Artemis Investment Management LLP now owns 55,166 shares of the biotechnology company’s stock worth $13,342,000 after buying an additional 37,015 shares during the last quarter. Nuveen Asset Management LLC raised its stake in Biogen by 101.9% in the first quarter. Nuveen Asset Management LLC now owns 101,785 shares of the biotechnology company’s stock worth $26,497,000 after buying an additional 51,375 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new stake in Biogen during the first quarter worth about $33,233,000. 86.21% of the stock is currently owned by hedge funds and other institutional investors.
Biogen Inc, formerly Biogen Idec Inc, is a biopharmaceutical company. The Company operates in discovering, developing, manufacturing and delivering therapies to patients for the treatment of neurodegenerative diseases, hematologic conditions and autoimmune disorders segment. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for multiple sclerosis (MS), ELOCTATE for hemophilia A and ALPROLIX for hemophilia B, and FUMADERM for the treatment of severe plaque psoriasis.
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