Biogen’s (BIIB) “Buy” Rating Reaffirmed at HC Wainwright
HC Wainwright restated their buy rating on shares of Biogen Inc. (NASDAQ:BIIB) in a research report released on Wednesday. HC Wainwright currently has a $360.00 price target on the biotechnology company’s stock.
BIIB has been the topic of several other reports. Piper Jaffray Cos. restated a neutral rating on shares of Biogen in a report on Wednesday, August 3rd. Morgan Stanley boosted their target price on Biogen from $383.00 to $385.00 and gave the stock an overweight rating in a report on Thursday, July 21st. Jefferies Group restated a buy rating and set a $317.00 target price on shares of Biogen in a report on Wednesday, July 13th. Credit Suisse Group AG restated a hold rating and set a $312.00 target price on shares of Biogen in a report on Friday, July 22nd. Finally, BMO Capital Markets restated a market perform rating and set a $287.00 target price on shares of Biogen in a report on Sunday, July 24th. Ten analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Biogen presently has a consensus rating of Buy and an average target price of $347.34.
Biogen (NASDAQ:BIIB) traded up 1.06% on Wednesday, reaching $294.97. The company’s stock had a trading volume of 557,371 shares. The company has a 50 day moving average of $306.87 and a 200 day moving average of $280.59. Biogen has a 52 week low of $223.02 and a 52 week high of $333.65. The firm has a market capitalization of $64.63 billion, a price-to-earnings ratio of 17.23 and a beta of 0.95.
Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Thursday, July 21st. The biotechnology company reported $5.21 EPS for the quarter, topping 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 earned $2.89 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same period in the previous year, the business earned $4.22 EPS. Biogen’s quarterly revenue was up 11.7% on a year-over-year basis. On average, analysts forecast that Biogen will post $20.08 earnings per share for the current year.
In other Biogen news, CEO George A. Scangos sold 157 shares of Biogen 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 of the company’s stock, valued at approximately $15,338,120. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Adriana Karaboutis sold 262 shares of Biogen stock in a transaction that occurred on Tuesday, October 4th. The stock was sold at an average price of $311.94, for a total transaction of $81,728.28. Following the completion of the sale, the executive vice president now directly owns 7,579 shares of the company’s stock, valued at $2,364,193.26. The disclosure for this sale can be found here. 0.32% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. Kings Point Capital Management bought a new position in shares of Biogen during the second quarter worth $145,000. Signaturefd LLC raised its position in shares of Biogen by 217.7% in the second quarter. Signaturefd LLC now owns 718 shares of the biotechnology company’s stock worth $174,000 after buying an additional 492 shares during the period. Canandaigua National Bank & Trust Co. bought a new position in shares of Biogen during the third quarter worth $203,000. Lakeview Capital Partners LLC bought a new position in shares of Biogen during the second quarter worth $205,000. Finally, BLB&B Advisors LLC bought a new position in shares of Biogen during the second quarter worth $206,000. 86.21% of the stock is 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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