Biogen Inc. (BIIB) Raised to “Outperform” at Leerink Swann
BIIB has been the subject of a number of other reports. JPMorgan Chase & Co. reaffirmed a buy rating and issued a $386.00 target price on shares of Biogen in a research note on Friday, September 16th. Jefferies Group reaffirmed a buy rating and issued a $319.00 target price on shares of Biogen in a research note on Thursday, August 4th. Robert W. Baird reaffirmed a neutral rating and issued a $284.00 target price on shares of Biogen in a research note on Wednesday, August 10th. Vetr raised shares of Biogen from a buy rating to a strong-buy rating and set a $346.47 price target for the company in a research note on Monday, September 12th. Finally, Piper Jaffray Cos. set a $333.00 price target on shares of Biogen and gave the stock a hold rating in a research note on Thursday, September 22nd. Nine analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $339.66.
Shares of Biogen (NASDAQ:BIIB) traded up 1.89% during midday trading on Monday, hitting $325.92. 426,790 shares of the company traded hands. The stock has a market capitalization of $70.91 billion, a P/E ratio of 18.43 and a beta of 0.75. The stock’s 50-day moving average is $298.30 and its 200 day moving average is $283.84. Biogen has a 12-month low of $223.02 and a 12-month high of $333.65.
Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, October 26th. The biotechnology company reported $5.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.97 by $0.22. Biogen had a net margin of 34.03% and a return on equity of 40.02%. The company earned $2.96 billion during the quarter, compared to the consensus estimate of $2.91 billion. During the same period in the previous year, the firm posted $4.48 earnings per share. The company’s revenue was up 6.4% on a year-over-year basis. On average, analysts expect that Biogen will post $20.22 earnings per share for the current year.
In related news, EVP Adriana Karaboutis sold 262 shares of the company’s stock in a transaction dated Tuesday, October 4th. The shares were sold at an average price of $311.94, for a total value of $81,728.28. Following the transaction, the executive vice president now directly owns 7,579 shares in the company, valued at $2,364,193.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Caroline Dorsa sold 27,570 shares of the company’s stock in a transaction dated Thursday, September 22nd. The shares were sold at an average price of $314.00, for a total transaction of $8,656,980.00. Following the completion of the transaction, the director now owns 19,663 shares in the company, valued at $6,174,182. The disclosure for this sale can be found here. 0.32% of the stock is currently owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in BIIB. Prudential PLC increased its stake in shares of Biogen by 396.9% in the first quarter. Prudential PLC now owns 28,247 shares of the biotechnology company’s stock worth $7,353,000 after buying an additional 22,562 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Biogen during the first quarter worth about $33,233,000. Nuveen Asset Management LLC increased its stake in shares of 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. Williams Jones & Associates LLC increased its stake in shares of Biogen by 1.8% in the first quarter. Williams Jones & Associates LLC now owns 7,897 shares of the biotechnology company’s stock worth $2,056,000 after buying an additional 138 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its stake in shares of Biogen by 66.3% in the first quarter. Adage Capital Partners GP L.L.C. now owns 374,324 shares of the biotechnology company’s stock worth $97,444,000 after buying an additional 149,200 shares during the last quarter. Institutional investors and hedge funds own 86.21% of the company’s stock.
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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