Biogen Inc. (BIIB) Rating Lowered to Hold at Vetr Inc.
Biogen Inc. (NASDAQ:BIIB) was downgraded by equities researchers at Vetr from a “buy” rating to a “hold” rating in a report released on Tuesday. They presently have a $321.54 price objective on the biotechnology company’s stock. Vetr‘s price objective suggests a potential upside of 3.88% from the stock’s previous close.
A number of other research analysts have also recently issued reports on the company. Morgan Stanley reiterated a “buy” rating on shares of Biogen in a research note on Thursday, June 30th. Sanford C. Bernstein started coverage on Biogen in a research note on Wednesday, June 29th. They set an “outperform” rating and a $282.00 price objective for the company. Citigroup Inc. cut Biogen from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $345.00 to $295.00 in a research note on Tuesday, June 7th. Piper Jaffray Cos. reiterated a “neutral” rating and set a $333.00 price objective (up previously from $293.00) on shares of Biogen in a research note on Tuesday, August 16th. Finally, Zacks Investment Research upgraded Biogen from a “hold” rating to a “buy” rating and set a $321.00 price objective for the company in a research note on Wednesday, July 27th. Eleven investment 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’s stock. The company presently has a consensus rating of “Buy” and an average price target of $347.34.
Biogen (NASDAQ:BIIB) opened at 309.70 on Tuesday. Biogen has a 52-week low of $223.02 and a 52-week high of $333.65. The firm’s 50-day moving average is $308.94 and its 200-day moving average is $279.14. The company has a market capitalization of $67.86 billion, a PE ratio of 18.09 and a beta of 0.95.
Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Thursday, July 21st. The biotechnology company reported $5.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $4.69 by $0.52. Biogen had a return on equity of 40.59% and a net margin of 33.97%. The company had revenue of $2.89 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same period in the previous year, the company posted $4.22 earnings per share. The firm’s revenue was up 11.7% on a year-over-year basis. On average, equities research analysts forecast that Biogen will post $20.10 EPS for the current year.
In other news, EVP Adriana Karaboutis sold 262 shares of the stock in a transaction that occurred on Tuesday, October 4th. The stock was sold at an average price of $311.94, for a total value of $81,728.28. Following the sale, the executive vice president now directly owns 7,579 shares in the company, valued at $2,364,193.26. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO George A. Scangos sold 157 shares of the stock in a transaction that occurred on Thursday, July 21st. The stock was 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 owns 54,779 shares in the company, valued at $15,338,120. The disclosure for this sale can be found here. Company insiders own 0.32% of the company’s stock.
Several large investors have recently modified their holdings of the company. Ancora Inverness LLC acquired a new stake in shares of Biogen during the first quarter valued at $686,000. Spark Investment Management LLC acquired a new stake in shares of Biogen during the first quarter valued at $1,275,000. Hikari Power Ltd increased its stake in shares of Biogen by 371.4% in the first quarter. Hikari Power Ltd now owns 13,200 shares of the biotechnology company’s stock valued at $3,436,000 after buying an additional 10,400 shares during the last quarter. Adell Harriman & Carpenter Inc. increased its stake in shares of Biogen by 67.0% in the first quarter. Adell Harriman & Carpenter Inc. now owns 7,800 shares of the biotechnology company’s stock valued at $2,030,000 after buying an additional 3,130 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. acquired a new stake in shares of Biogen during the first quarter valued at $49,410,000. Hedge funds and other institutional investors own 86.21% of the company’s stock.
Biogen Company Profile
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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