Biogen’s (BIIB) “Market Perform” Rating Reiterated at BMO Capital Markets
Biogen Inc. (NASDAQ:BIIB)‘s stock had its “market perform” rating restated by stock analysts at BMO Capital Markets in a note issued to investors on Saturday. They presently have a $294.00 price objective on the biotechnology company’s stock. BMO Capital Markets’ target price points to a potential downside of 3.67% from the stock’s previous close.
Several other brokerages have also weighed in on BIIB. Credit Suisse Group AG restated a “hold” rating and issued a $322.00 price objective on shares of Biogen in a report on Wednesday, August 3rd. Vetr lowered Biogen from a “hold” rating to a “sell” rating and set a $299.76 price objective for the company. in a report on Tuesday, August 2nd. Jefferies Group restated a “buy” rating and issued a $319.00 price objective on shares of Biogen in a report on Thursday, August 4th. Piper Jaffray Cos. restated a “neutral” rating on shares of Biogen in a report on Wednesday, August 3rd. Finally, Morgan Stanley restated a “buy” rating and issued a $385.00 price objective on shares of Biogen in a report on Wednesday, August 3rd. Nine research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $338.93.
Shares of Biogen (NASDAQ:BIIB) traded down 0.24% during mid-day trading on Friday, reaching $305.20. The company’s stock had a trading volume of 741,587 shares. The company has a market capitalization of $66.40 billion, a PE ratio of 17.26 and a beta of 0.75. 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 $299.88 and its 200-day moving average is $287.26.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Wednesday, October 26th. The biotechnology company reported $5.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $4.97 by $0.22. Biogen had a return on equity of 40.02% and a net margin of 34.03%. The company earned $2.96 billion during the quarter, compared to analyst estimates of $2.91 billion. During the same quarter in the previous year, the firm posted $4.48 EPS. The firm’s quarterly revenue was up 6.4% on a year-over-year basis. Analysts forecast that Biogen will post $20.22 EPS for the current year.
In other Biogen news, EVP Adriana Karaboutis sold 262 shares of the company’s 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 completion of the transaction, the executive vice president now owns 7,579 shares of the company’s stock, valued at approximately $2,364,193.26. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Caroline Dorsa sold 27,570 shares of the company’s stock in a transaction that occurred on Thursday, September 22nd. The shares were sold at an average price of $314.00, for a total value of $8,656,980.00. Following the completion of the transaction, the director now directly owns 19,663 shares of the company’s stock, valued at approximately $6,174,182. The disclosure for this sale can be found here. 0.32% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the stock. Squarepoint Ops LLC purchased a new position in Biogen during the first quarter valued at approximately $1,942,000. Ladenburg Thalmann Financial Services Inc. boosted its position in Biogen by 13.7% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 6,790 shares of the biotechnology company’s stock valued at $1,768,000 after buying an additional 820 shares during the period. Oak Associates Ltd. OH purchased a new position in Biogen during the first quarter valued at approximately $469,000. First Republic Investment Management Inc. boosted its position in Biogen by 38.2% in the first quarter. First Republic Investment Management Inc. now owns 49,266 shares of the biotechnology company’s stock valued at $12,824,000 after buying an additional 13,609 shares during the period. Finally, BlueMountain Capital Management LLC purchased a new position in Biogen during the first quarter valued at approximately $712,000. 87.75% 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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