Biogen’s (BIIB) “Overweight” Rating Reaffirmed at JPMorgan Chase & Co.
JPMorgan Chase & Co. reiterated their overweight rating on shares of Biogen Inc. (NASDAQ:BIIB) in a research note released on Friday. They currently have a $386.00 price objective on the biotechnology company’s stock.
A number of other equities research analysts have also commented on BIIB. Credit Suisse Group AG set a $322.00 price target on Biogen and gave the stock a hold rating in a research report on Sunday, September 18th. Vetr raised Biogen from a sell rating to a hold rating and set a $317.79 price objective on the stock in a report on Wednesday, August 3rd. Zacks Investment Research downgraded Biogen from a buy rating to a hold rating in a report on Tuesday, July 12th. Morgan Stanley reaffirmed a buy rating and set a $385.00 price objective on shares of Biogen in a report on Wednesday, August 3rd. Finally, Leerink Swann upped their price objective on Biogen from $360.00 to $367.00 and gave the stock a market perform rating in a report on Monday, August 1st. Ten analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $347.34.
Shares of Biogen (NASDAQ:BIIB) traded up 0.45% on Friday, hitting $306.96. The stock had a trading volume of 233,354 shares. The firm has a 50 day moving average price of $308.50 and a 200 day moving average price of $279.69. The company has a market capitalization of $67.26 billion, a P/E ratio of 17.93 and a beta of 0.95. Biogen has a one year low of $223.02 and a one year high of $333.65.
Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Thursday, July 21st. The biotechnology company reported $5.21 EPS for the quarter, topping the Zacks’ consensus estimate of $4.69 by $0.52. The business had revenue of $2.89 billion for the quarter, compared to analyst estimates 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 prior year, the company earned $4.22 EPS. On average, equities research analysts predict that Biogen will post $20.08 earnings per share for the current fiscal year.
In other Biogen news, EVP Adriana Karaboutis sold 262 shares of the business’s stock in a transaction on Tuesday, October 4th. The shares were sold at an average price of $311.94, for a total transaction of $81,728.28. Following the sale, the executive vice president now owns 7,579 shares of the company’s stock, valued at $2,364,193.26. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Caroline Dorsa sold 27,570 shares of the business’s stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $314.00, for a total transaction of $8,656,980.00. Following the sale, the director now directly owns 19,663 shares in the company, valued at approximately $6,174,182. The disclosure for this sale can be found here. Company insiders own 0.32% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Los Angeles Capital Management & Equity Research Inc. boosted its stake in Biogen by 9.5% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 3,909 shares of the biotechnology company’s stock worth $1,018,000 after buying an additional 338 shares during the last quarter. Columbia Partners L L C Investment Management boosted its stake in Biogen by 0.3% in the first quarter. Columbia Partners L L C Investment Management now owns 9,540 shares of the biotechnology company’s stock worth $2,483,000 after buying an additional 26 shares during the last quarter. Provident Investment Management Inc. boosted its stake in Biogen by 4.9% in the first quarter. Provident Investment Management Inc. now owns 64,899 shares of the biotechnology company’s stock worth $16,895,000 after buying an additional 3,004 shares during the last quarter. Nikko Asset Management Americas Inc. boosted its stake in Biogen by 53.8% in the first quarter. Nikko Asset Management Americas Inc. now owns 2,000 shares of the biotechnology company’s stock worth $508,000 after buying an additional 700 shares during the last quarter. Finally, Marcus Capital LLC bought a new stake in Biogen during the first quarter worth $2,603,000. 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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